MORTGAGE EXPERTS: When will I know if i am receiving a firm approval by the lender?

Getbread wrote: ↑ Good Morning,

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?

Thanks,

arbytor wrote: ↑ If instructions are received by the lawyer, it is pretty much firm. Usually the next day, the lawyer should send you all the details and final amount that you have bring to the lawyers office to get the keys on the day of closing.

ozzie16 wrote: ↑ If the instructions have been sent to my lawyer, is that pretty much firm?

There are no additional T&Cs to fulfill in any of the documents and my rep confirmed that there's nothing left to do as the appraisal, employment check and down payment verification has been done. I was expecting them to do another credit and/or employment check pre-closing?

JayLove06 wrote: ↑ Curious about this. I want to make a few large purchases on the credit card but don’t want to risk anything. Already have the approval and satisfied the conditions. Just waiting on closing date next week. But I gotta buy stuff.

ozzie16 wrote: ↑ Thanks! I was just a bit skeptical given that the bank actually sent instructions almost a month ago (they've been amended since), 6 weeks before closing when I hear normally it's sent much closer to the closing date.

arbytor wrote: ↑ In my case the instructions went to my lawyer 4 days before the closing. 6 weeks before seem like a lot of time and you may want to recheck with the lawyer if they are the final instructions from the bank. what would you do if you shop around and find a better deal?

JayLove06 wrote: ↑ Curious about this. I want to make a few large purchases on the credit card but don’t want to risk anything. Already have the approval and satisfied the conditions. Just waiting on closing date next week. But I gotta buy stuff.

RichmondCA wrote: ↑ I am not an expert, but anecdotally I don't think these should be an issue unless we are talking tens of thousands. What could become an issue (I've seen this happen) is taking on a car financing/lease as it changes your ability to carry assuming you were borrowing the max you were eligible for.

RichmondCA wrote: ↑ Just do the standard Markham move in hack and throw up some bedsheets.

RichmondCA wrote: ↑ Just do the standard Markham move in hack and throw up some bedsheets.

ozzie16 wrote: ↑ Lol now do I feel like a moron dropping $4K for fancy zebra shades.

ozzie16 wrote: ↑ If the instructions have been sent to my lawyer, is that pretty much firm?

There are no additional T&Cs to fulfill in any of the documents and my rep confirmed that there's nothing left to do as the appraisal, employment check and down payment verification has been done. I was expecting them to do another credit and/or employment check pre-closing?