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so what this conditional loan approval mean we're gonna find out when we come back everybody walk into my channel I am Phoenix real-estate agent John Cunningham with exp Realty and every Thursday like clockwork I'm right here on YouTube answering your real estate questions so if you're on the move if you're looking to sell or you're looking to buy do yourself a solid hit that subscribe button hit the notification bell and that way you'll be in the know and I'll make sure to send you my videos each Thursday when I get them completed so conditional loan approval means that your accrued with conditions so here's what's happened so far you've gotten pre-qualified you've gotten pre-approved the lender has taken all your information and gone through their own checklist and they believe that they've got a good packet put together and they're submitting that to the underwriting department the underwriter is going to look at the file and they're there to make sure that everything is right and nothing's missing and it's very common for them to request additional documentation so at that point you're approved with conditions so they might have two or three things that they want you to add to so when does this happen it always happens at the most inconvenient time possible imagine this just picture this for a second all your stuffs and boxes yeah you're getting ready to turn your utilities off in a week you've got your u-haul truck packed up and you get a call from your processor your loan processor and they tell you that the underwriter wants some stuff and it just seems so ridiculous right they want to copy us um check that cleared six weeks ago and it's right there on the bank statement but you know what just calm down pause hit the brakes a little bit got to think about it like this you're not buying a pair of shoes and the underwriter is there as a safety net for the bank they want to make sure that they're making a wise investment they want to make sure you're not some drug dealer or something so they're gonna look into you financially make sure your solid make sure everything's legit so they might ask for the copy of a check front and back that shows them where it was from and what it was for and who signed it it might ask for two or three other things and once you've submitted all that information to them they've agreed that the file is complete then you're not in conditional loan approval status anymore at that point you're fully approved so now you know what conditional loan approval means and you're in a really good position if you've got the mindset that you're just gonna push through and follow these steps now before you go make sure to check out the link to the next video below selling a home without building permits this is a really interesting topic it happens a lot more frequently than you can imagine so check that out it's a topic that could affect you whether you're a buyer or a seller and don't forget to hit the subscribe and notification buttons that way I can notify you when my next real estate videos out next Thursday in the meantime thank you for watching this video see ya [Music]