What Does Conditionally Approved Mean When Applying For An Apartment?

What Does Conditionally Approved Mean When Applying For An Apartment
by Jerome Foster - September 17, 2021

What does conditionally approved mean when applying for an apartment? Well, If you're applying for a home loan, it's important to know that there are two types of approval: unconditional and conditional. Conditionally approved applicants have certain requirements they need to meet before being given access to the property —often these include meeting pre-agreed criteria such as income or credit score numbers. In simpler words, the approval process for an apartment is similar to that of a loan: you must demonstrate that you are not a credit risk and that you can make your monthly payments on time.

What Happens When You Get Conditionally Approved

Following Conditional Approval, The loan coordinator will first contact you to explain the conditional approval and the requirements that must be met. Then you must provide the data in order to meet the requirements. After receiving those conditions, the loan coordinator will send the file back to the underwriter for final assessment.

Likewise, when it comes to real estate investment, the procedure for conditional approval remains the same. However, if you have been planning for real estate investing in Canada, you may see different conditions to meet. Since the loan coordinator plays a vital role throughout the process, let them know your concerns to get the best advice for your real estate investment plans. 

How Long Does It Take To Get Conditionally Approved

In order to get approved your application undergoes 4 milestones: appraisal, underwriting, conditional approval, and final step (clear to close).

  • The appraisal takes about 1-2 weeks.
  • The underwriting requires 1-3 days for initial review.
  • Additional underwriting review and condition clearance take 1 to 2 weeks.
  • Closing Disclosure must be acknowledged within three days.

Tips To Get Approved Easily

Always Come Prepared

First impressions are crucial when meeting with potential landlords. Prepare yourself beforehand as you might be asked for: 

  • Run a tenant background check to see your previous renting history.
  • Check your credit, which may result in a hard credit inquiry on your credit report.
  • Make a request for a criminal background check.
  • Charge a fee for the application.

Provide References

In order to maximize your chances of getting that perfect apartment, it's important you take the time and put in all effort possible. Having references available will help make sure landlords see what kind of tenant they're getting themselves into!

If you are looking to buy an apartment. Check out 8 amazing factors to consider when looking for an apartment with Prudential Cal.

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