what does pre approved for a home loan mean

Best answer


Pre-approval refers to the process ofvalidating your financial documents and ability to work with a mortgage lender to obtain a home loan. Mortgage approval is the final step in the home loan process; it means that your lender has removed all conditions and has officially declared that your loan (and home purchase) can go through as planned.

People also ask


  • What is pre-approval for a mortgage?

  • Pre-approval refers to the process of validating your financial documents and ability to work with a mortgage lender to obtain a home loan. Mortgage approval is the final step in the home loan process; it means that your lender has removed all conditions and has officially declared that your loan (and home purchase) can go through as planned.

  • Is it easy to get a pre-approved home loan?

  • It鈥檚 easy to have your home loan pre-approved, but it doesn鈥檛 necessarily mean your lender will part with the funds at crunch time. There are dozens of lenders offering so-called online loan approval in 60 seconds, but it鈥檚 not until your application is assessed for risk by a live action human being that you鈥檙e in the clear.

  • What are the advantages of buying a house with pre-approval?

  • A Major Advantage When Buying a Home. What does mortgage pre-approval mean? It means a lender has guaranteed to give you a home loan. Getting pre-approved for a mortgage before you make an offer on a house can help you stand out from the sea of other home buyers in a competitive housing market.

  • What is a a preapproved loan on my credit report?

  • A preapproved loan could be a preapproval you鈥檝e applied for on a loan for a car or home, or a prescreened offer based on your credit reports. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn鈥檛 affect our editors鈥?opinions.

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