All mortgage approvals come with a mortgage commitment, and all Mortgage Commitments have conditions. These conditions are presented on the commitment and given by an underwriter.
“Why are underwriter’s hair so shiny? Because they condition the hell out of it”
Mortgage Industry Joke
All mortgages are different and as such all conditions are different. We are going to show you typical things that fall into conditions on a mortgage. Many of these things weigh heavily on the 3 Factors Of Your Approval.
Typically on the Private Lending side there are very few conditions as a borrower. Always make sure you know the Private Closing Costs before signing.
The types of conditions we typically see at Mortgage Suite range but here are a few.
- CRA taxes are paid and up to date
- Income is current and on file. Check out what income is needed here
- Credit score is up to date and pulled for the lender
- Your property tax statement for your property
- Your current mortgage statement
The number of conditions can range from 10 to 100. It would depend on which lender Mortgage Suite sends your application to. Always review your commitment with your Mortgage Suite Broker/Agent. Review all the conditions of your mortgage so that you fund on time.
