Same Day Approval Terms & Conditions

McGowan Mortgages (“Lender”) offers qualified applicants the opportunity to receive a mortgage loan approval within one business day, provided all Required Documents are submitted within 24 hours of locking a rate (the Required Tasks Completion Period). Documents submitted after 1 PM local time, on weekends, or on company holidays will be considered received on the next business day.

1. Important Disclosures
   

   McGowan Mortgages cannot guarantee that all applicants will be approved or that closing will occur within a specific timeframe. All timelines are estimates and may vary based on factors including borrower eligibility, participation from all involved parties, and compliance with underwriting requirements.

2. Eligibility for Same Day Approval
   

   To qualify for Same Day Approval, applicants must:

   • Submit all Required Documents via McGowan Mortgages' secure online portal within the Required Tasks Completion Period.
   • Meet all credit, underwriting, and loan product requirements applicable to the mortgage loan.
   • Be a U.S. citizen, permanent resident, or eligible non-permanent resident purchasing or refinancing a primary residence in a state where McGowan Mortgages is licensed.
   • Be a W-2 employee or an individual with fixed income (such as pension, social security, or disability income).
   • Provide proof of required down payment funds (if applicable).
   • Not own additional real estate unless currently in the process of selling a primary residence.
3. Required Documents
   

   Applicants must upload all documents requested by McGowan Mortgages, which may include but are not limited to:

   • Recent pay stubs
   • W-2s
   • Bank statements, including investment and retirement accounts (if applicable)
   • A complete purchase agreement for the subject property
   • Additional proof of income, such as social security, disability, or pension statements (if applicable)
   
   

   All co-applicants must submit their required documents within the Required Tasks Completion Period to remain eligible. Document requirements may vary based on financial status and loan type.

4. Loan Approval & Closing Timeline
   

   Upon meeting eligibility requirements and submitting all Required Documents, McGowan Mortgages will use commercially reasonable efforts to provide a loan approval within one business day. However, approval is not guaranteed, and additional documentation or conditions may be required before final loan approval.

   Once approved, borrowers may be able to close in as few as 10 days, but actual closing timelines may vary based on lender, title company, appraisal, and other required third-party processes.

5. Important Exclusions
   • This offer is available only for conventional and conforming mortgage loans used for the purchase or refinance of a primary residence.
   • Not available in KY, WV, NY Co-Op/CEMA, or for refinances in TX.
   • Applicants using self-employment income to qualify are not eligible for this program.
   • Loan approval may be conditional and subject to the borrower meeting all final underwriting conditions.
6. Equal Housing Lender Notice
   

   McGowan Mortgages is an Equal Housing Lender and complies with all federal fair lending laws. We do not discriminate based on race, color, religion, national origin, sex, marital status, age, or any other protected class. The federal agency overseeing compliance is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.

7. Program Modifications & Disclaimers
   

   This offer applies only to mortgage applications submitted after the effective date of these terms and does not apply retroactively. McGowan Mortgages reserves the right to modify or discontinue this offer at any time without notice. Loan rates and terms are subject to change and may vary by state.