MORTGAGE EXPERTS: When will I know if i am receiving a firm approval by the lender?
I received a commitment letter from the lender which has these terms:
"Additional terms and conditions
You will sign all documentation at your legal representative's office or through a remote agent signing prior to closing. You will need to bring valid wID ith you please confirm the reID quirements with your broker or legal representative. In order
to ensure this mortgage loan will advance as scheduled, ALL conditions must be satisfied no less than 10 business days
prior to closing. In the case of a purchaset ransaction, if all conditions are not satisfied within this timeframe, we may
require you to extend your closing date and provide us with your amended purchase and sale agreement.
We reserve the right to verify any information received and at any time, we we may require additional information or decline
the application if we are not satisfied with the information received."
My broker says it is a firm approval, but can the lender still decline it at any stage?
How do I know if its a firm approval?