Pre-Approval: An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to ...
Preapproval definition, the act of approving; approbation. See more.
A pre-approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre-approved loan depends on the terms and conditions of the pre-approval and ability to secure the loan before the pre-approval expires.
Define preapproved. preapproved synonyms, preapproved pronunciation, preapproved translation, English dictionary definition of preapproved. tr.v. pre·ap·proved , pre·ap·prov·ing , pre·ap·proves To approve at an earlier point in the approval process than is usual, sometimes even before an...
The preapproval process usually takes a week or two, but it may take only a few minutes if you apply for a mortgage online. Some, but not all, lenders charge a fee for preapproval. Preapproval is not a binding commitment for either the buyer or lender, but it can give you a competitive advantage.
Preapproval is the state of becoming eligible for debt from a financial institution, whether that means a loan or a revolving line of credit.
Pre-Approval. A lender commitment to make a mortgage loan to a specified borrower, prior to the identification of the property that will be mortgaged. On a pre-approval, unlike a pre-qualification, the lender verifies the financial information provided and checks the credit of the potential borrower.
Approval definition is - an act or instance of approving something : approbation. How to use approval in a sentence. an act or instance of approving something : approbation…
Definition of Pre-approval in the Definitions.net dictionary. Meaning of Pre-approval. What does Pre-approval mean? Information and translations of Pre-approval in the most comprehensive dictionary definitions resource on the web.
-- Download Preapproval or Prequalification? as PDF --Preapprovals are a frequent HMDA topic of conversation, whether the discussion is how to distinguish a preapproval from a prequalification, how to report for HMDA, or whether preapprovals apply only to home purchase loans. What is a Preapproval? An applicant with an approved preapproval request is fully credit […]