Conditional mortgage approval signifies probable approval once specific conditions, such as providing additional documentation, are met. However, it's not a guarantee. The mortgage approval process comprises prequalification, mortgage application, underwriting, conditional approval, and final approval stages. Conditional approval necessitates meeting lender's requests like missing documents or proof of insurance. Final approval implies guaranteed loan approval. The duration from conditional to final approval depends on the provision of required information and the lender's process, usually ranging from a few days to several weeks.
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