Difference between Mortgage Commitment and Final Approval » Mortgage Masters Group

The loan commitment is one of the last steps in the mortgage process before moving forward to loan closing.

There is often confusion regarding the difference between a pre-qualification letter and mortgage commitment letter. The two letters, although they sound similar, are completely different. If you are in need of a mortgage commitment letter, yet show up with your pre-qualification letter, you will not be able to secure the house that you want.

A mortgage commitment letter is a document that your mortgage lender prepares after approving your home loan application. It informs you and the home sellers that you have a loan and can close on.

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Shopping for a new home may be an exciting proposition, but that doesn’t mean the homebuying process is all fun and games. In reality, there are numerous details to be aware of throughout the transaction, from the application to when your mortgage loan is finally approved.. Your final loan approval doesn’t happen until several steps have been completed.

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A "loan commitment letter" means that not only has the applicant preapproved, an underwriter has reviewed the application and the letter will include all conditions to the loan approval. The lender is committing to lend to the borrower per the terms stated in the commitment letter.

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More commonly called a "conditional approval" or "loan commitment letter," this is the highest level of pre-approval you can bring to the table when you make an offer on a property.

Sellers usually give you a few weeks to obtain the mortgage commitment letter. Having the pre-approval helps speed up the process. The lender just needs to wait for the appraisal and title to approve you for the loan on the contracted home. The mortgage commitment letter does not mean you are "clear to close." It may have conditions you must satisfy.