What is conditional mortgage approval, and what does it mean for your home purchase?

Conditional approval in the mortgage process is a crucial step where a lender approves a loan pending certain conditions. Meeting these conditions is necessary for final approval before closing on a home. Pre-qualification and preapproval are earlier stages in the process, with preapproval requiring more detailed financial information. Final approval, also known as unconditional approval, is the last step before closing, indicating all lender requirements have been met.