Understanding Conditional Approvals - Total Mortgage Blog
Abstract
Conditional approval is a step in the right direction for potential homebuyers. Don’t expect the lender to issue a conditional approval before the property is professionally appraised. If the appraisal is too low, the lender could either reject the application or request that the buyer and seller return to the negotiating table to find a better price. When refinancing, an applicant does not need to receive a preapproval. The applicant doesn't need to get a pre-approval considering they will not be making an offer.
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