Our Terms of Use and Privacy Policy have changed. We think you'll like them better this way.

Getting an “unconditional commitment” – the loan approval pr

  • Broadcast in Legal
Chicago Legal Latte

Chicago Legal Latte


Follow This Show

If you liked this show, you should follow Chicago Legal Latte.
“Pre-approvals” don’t mean anything, when it boils down to it.  The golden ticket to getting a mortgage loan right now – is something called an “unconditional commitment.”  It doesn’t matter that your lender tells you that you are pre-approved.  All that really means is that your mortgage broker is going to do their best to get you a loan.  It doesn’t guarantee anything.  Instead – what you’re waiting to hear, after a long and frustrating, paper-littered process, is that you have an unconditional commitment or “clear to close” from your lender.  Then, as a buyer, you can breathe a sigh of relief.