logo

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.

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.

Author

  • Jerome has worked for an international real estate magazine in the past before joining Prudentialcal. He now spearheads our team of writers and ensures the quality of content we produce weekly.

MOST RECENT
How To Arbitrage Cryptocurrency?
How To Arbitrage Cryptocurrency?
Crypto arbitrage trading is a terrific alternative for investors wishing to make high-frequency trades with low-risk profits. Crypto arbitrage is ...
How To Use Tactical Arbitrage?
How To Use Tactical Arbitrage?
Tactical Arbitrage is an online arbitrage program that assists you in finding successful Amazon resold items. You'll have access to ...
How To Find Arbitrage Opportunities?
How To Find Arbitrage Opportunities?
What is Arbitrage? Arbitrage is a method of obtaining a risk-free profit via market movements in the economy. This is ...
Tips On How To Be Organized During Moving
Tips On How To Be Organized During Moving
If you are planning to move, you need to be organized. Being organized is the only way you will have ...
Renting vs Buying: Pros and Cons
Renting vs Buying: Pros and Cons
You may have heard that buying a home is always better than renting one but that isn’t necessarily true! It ...
1 2 3 22
logo
In Prudentialcal, we strive to make the most intricate financial issues and topics uncomplicated to grasp. We will be making sound analyses, intelligent finance recommendations, and honest communications in our features to assist you in building your finances and investments. 
Quicklinks
Additional Information
Copyright © 2022 Prudential Cal. All Rights Reserved.
DMCA.com Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram