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  1. 09-16-2008, 07:34 PM #1
    bowlman23
    bowlman23 is offline Renter
    Join Date
    Sep 2008
    Posts
    5

    Default What types of conditions are included in a mortgage commitment?

    I saw that I need to get a mortgage commitment 15 days prior to settling. I know the commitment is subject to satisfying conditions. What are typical types of conditions in a mortgage commitment?
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  2. 09-19-2008, 08:35 AM #2
    VancouverWa's Avatar
    VancouverWa
    VancouverWa is offline Fixer Upper
    Join Date
    Oct 2007
    Posts
    76

    Default Could be anything..

    Could be anything. Most common are appraisal, employment verification, funds to close verification, still it could be anything. Your mortgage lender should be able to tell you what those conditions are.
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  3. 09-21-2008, 02:19 AM #3
    Mike Taylor
    Mike Taylor is offline Condominium
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    Sep 2007
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    Indianapolis
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    Default

    Yeah, a commitment could be conditioned on anything. Are there words like "unconditional" or "mortgage approval" in the contract? If not, a conditional loan commitment could be as useless as a pre-qual letter.
    Mike Taylor
    Broker/Owner
    Red Door Real Estate

    Indianapolis Real Estate| Indianapolis Homes | Indianapolis New Homes | Carmel Real Estate | Fishers Real Estate |Noblesville Real Estate | Greenwood Real Estate | Zionsville Real Estate | Westfield Real Estate | My Real Estate Blog
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  4. 09-22-2008, 11:52 AM #4
    bg233
    bg233 is offline Fixer Upper
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    24

    Default

    Appraisal, funds to close, employment, etc.
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