Pre approval
Definition
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-qualification, the lender checks the applicant's credit. See Mortgage Qualification Versus Mortgage Approval.
Related Terms Other terms related to 'Pre approval' starting with the letter 'P' PITI, Periodic refinancing, Payoff month, Prepayment, Portable mortgage Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 