Final Approval

Final approval is the lender's binding commitment to provide mortgage financing after completing full underwriting, property valuation, and legal verification, issued shortly before property transfer.

Final Approval ProcessTimeline
Pre-approval issuedDay 1
Property selectedDay 7
Valuation orderedDay 10
Final underwritingDay 15
Legal reviewDay 18
Final approval letterDay 21
Approval Conditions ClearedVerification
Property valuationAcceptable LTV confirmed
Title verificationClear ownership verified
Insurance arrangedBuilding and life coverage
Legal documentationAll contracts reviewed
Final employment checkIncome still valid
Approval Letter ContentsDetails
Loan amountExact financing confirmed
Interest rateLocked or indicative
Term lengthRepayment duration
Monthly paymentExact amount
Validity30-60 days typical
ConditionsAny remaining requirements


Related Terms

Mortgage RequirementsBank ValuationAnti-Money Laundering (AML) Rules Pre-Approval Letter

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