What is a Pre-Approval?

no responses
0
Glossaryheaderadvert

A pre-approval occurs with a mortgage specialist at a financial institution or with a mortgage broker, where the applicant’s credit and financial situation is analyzed to ensure that they are eligible for a mortgage. Pre-approvals are conditional on nothing changing within an individual’s credit. The classic example of a change, would be clients purchasing a car after they have received a pre-approval, only to find out on the closing date that they no longer qualify for a funds.

  • Categories

  • Property Search
  • Trending Posts