A pre-approval is a process in which a conditional commitment is issued after a loan profile is underwritten with all standard documentation except a property appraisal and a title search.

The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in negotiations with sellers.

A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan i [..]

Definition The act of a lender reviewing a borrower's credit file and then issuing an initial line of credit based on the results of the report, without the borrower requesting the loan. Lenders [..]

a lender commits to lend to a potential borrower a fixed loan amount based on a completed loan application, credit reports, debt, savings and has been reviewed by an underwriter. The commitment ...

A commitment by a lender to make a mortgage loan to a specified borrower, prior to the identification of a specific property. It is designed to make it easier to shop for a house. Unlike a pre-q [..]

Pre-approval is given when a borrower has actually begun the application process and an underwriter approves their income, funds and credit. The pre-approval may contain conditions or limitations.

This term denotes that the borrower gets his home loan application with debt, income and savings proof reviewed and approved by an underwriter before finalizing any property. The pre-approval is done [..]

 Certificate of Pre-Approval issued by the Office of Loan Programs that states a borrower’s credit, assets and income have been verified and the applicant qualifies for a Program loan at a specified amount and interest rate.  At the time of pre-approval, the specified initial interest rate is not “locked-in” and is therefore subject to change prior [..]

The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in [..]

Permission from your medical group or health plan to get a service that requires a referral from your doctor. Also called authorization or prior-authorization.

When a lender advises you in writing how much they will lend you, subject to their terms and conditions.

A commitment by a lender to extend credit provided that specific conditions are met.

The process of determining how much money you will be eligible to borrow before you apply for a loan.

A lender's conditional agreement to lend a specific amount on specific terms to a homebuyer. (subject to satisfactory appraisal and no change in financial condition). You can shop with assurance, because you'll know up-front how large a loan you could qualify for.

An analysis of the borrower’s position without a specific property identified.