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David L
David L, Attorney
Category: Business Law
Satisfied Customers: 3255
Experience:  Corporate and Business lawyer since 1997
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Is a "conditional loan approval" a valid contract. I have/had

Resolved Question:

Is a "conditional loan approval" a valid contract. I have/had a Conditional loan approval from a mortgage company. They asked for additional documents, which I timely provided. EVERYTHING PROVIDED!!! Now they have come back asking more, but entirely different documents. Time is of the essence. I have been spun in circles since August.
Submitted: 5 years ago.
Category: Business Law
Expert:  David L replied 5 years ago.
Hi. A conditional loan approval is not a contract and you cannot hold the lender to it. Lenders these days are very careful in their lending practices, given the state of the current real estate market and the poor lending practices of the past. Your situation is very frustrating but not uncommon. However, it shouldn't take since August to get your loan approved. You might consider applying with another mortgage lender as well, if that is still possible. It shouldn't take that long for a final approval.
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