A lender’s conditional commitment to lend a specific amount, based on a review of your finances.
Pre-approval (verified documents, a real commitment) is stronger than pre-qualification (a quick estimate based on your word). Sellers in competitive markets often require pre-approval before accepting an offer.
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FAQ
What is Mortgage Pre-Approval in simple terms?
Pre-approval (verified documents, a real commitment) is stronger than pre-qualification (a quick estimate based on your word). Sellers in competitive markets often require pre-approval before accepting an offer.