Getting a Commitment from the Lender

It is our job to sell your application to the home mortgage lenders and make sure you get the best possible rate and terms for your situation. At this time, the lender has reviewed the application we have submitted, along with the P & S (Purchase & Sale) agreement and MLS listing. All of those details have been met by the lender and they now will issue a commitment of approval for your new home loan.

This approval will be subject to meeting certain conditions. It will state which documents the lender requires such as NOA’s, T1 Generals, paystubs, employment letters, etc. and a bank statement to prove you have enough savings for your down-payment. We usually request these documents from you upfront and already have them on file.

If it’s a private sale or a conventional mortgage (conventional mortgages usually refer to 80% and under LTV loan to value and also usually not insured by a mortgage insurer) there might be a condition to have an appraisal to confirm value of the property.