English - Turkish
Definition of pre-approval in English Turkish dictionary
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- preapproval
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Related Terms
English - English
Definition of pre-approval in English English dictionary
- The process of determining how much money you will be eligible to borrow before you apply for a loan Back to Top ^
- This process goes a step further than pre-qualification It means the lender has contacted the borrower's employer, bank and other places to verify all claims of earnings and assets In return, the borrower receives a letter stating the lender is willing to grant a mortgage for a specified amount, within a limited period of time
- The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan A pre-approval includes a preliminary screening of a borrower's credit history Information submitted during pre-approval is subject to verification at application
- Where a potential home buyer attempts to secure a guaranteed mortgage approval before making an offer on a house
- A process whereby a potential buyer secures a guaranteed mortgage approval before making a real estate offer A lender guarantees in writing to grant a loan for a specified amount, subject to appraisal Differs from "Prequalification "
- The process whereby a borrower is fully approved for a specific loan amount prior to making an offer on a property See also Commitment
- 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 is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others A pre-approval applies only to the borrower Once a property is chosen, it must also meet the underwriting guidelines of the lender Contrast with pre-qualification
- The Pre-Approval process allows you to obtain an actual mortgage loan commitment prior to the purchase of your home You are issued a certificate that will allow you to negotiate with the confidence of a cash buyer
- A mortgage approval obtained before negotiating a contract on a specific home
- This process goes a step further than pre-qualification It means the lender has contacted the borrower's employer, bank, and other places to verify all claims of earnings and assets In return, the borrower receives a letter stating the lender is willing to grant a mortgage for a specified amount, within a limited period of time
- A process whereby a potential home buyer secures a guaranteed mortgage approval before making an offer on a house A lending institution guarantees in writing to grant a loan for a specified amount Not to be confused with pre-qualification
- A term used to mean that a borrower has completed a loan application and provided debt, income, and savings information that has been reviewed and pre-approved by an underwriter
- A commitment by a lender to give the borrower a home loan prior to the borrower entering a contract to buy a home The commitment to lend is subject only to the property appraising for the correct amount During the home buying process, being pre-approved for a home loan is an advantage Pre-approval helps the buyer to identify their price range and enables them to close quickly when they have found the right house It also gives the buyer a competitive advantage against other buyers who have not been pre-approved since they are considered more risky by sellers
- A lender analyzes the borrower's income, debt and funds for down payment/closing and checks credit Verification of funds and employment may also be performed If the borrower meets qualifying guidelines, the lender pre-approves the borrower for a loan Pre-approval gives a borrower assurance that, unless something changes in his/her financial picture, the lender will grant a specific loan up to a certain amount at a certain interest rate with a certain payment
- When a lender completes an assessment of individual's creditworthiness and ability to pay for a house and indicates the amount that can be borrowed Final loan approval is not given until the property has been appraised and all other lender conditions have been obtained
- Initiating the loan approval process before finding a home Pre-approval involves providing information regarding employment, income and debts to a lender to prove the buyer is a good risk A more complex process than pre-qualification, pre-approval sometimes involves a fee
- A commitment by a lender to make a loan 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
- A thorough process used to assess the prospective borrower's ability to pay back the loan It determines how much money a prospective home buyer can borrow
- When a lender completes an assessment of individual’s creditworthiness and ability to pay for a house and indicates the amount that can be borrowed Final loan approval is not given until the property has been appraised and all other lender conditions have been obtained
- A commitment made by a lender, to make a loan to a borrower, before the borrower has committed to the purchase of a particular property
- A process - far more rigorous than pre-qualification - that mortgage lenders use to determine how much money they'd lend you based upon a through review of your financial situation
- The process of determining how much money you will be eligible to borrow before you apply for a loan
- preapproval
- The step that a lender takes to analyze credit, income and funds available prior to making an offer on a home or property and will normally be subject to an appraisal and that nothing changes during the process of finding a home or property
- preapproval
- A process that lets you get approved for your loan before you find a house to buy
- preapproval
- A lender's certification that a potential borrower is qualified for a mortgage loan even if the borrower has not found a specific property to purchase You may be preapproved for a WHEDA mortgage loan directly from this website Get ready for home shopping by being preapproved online today!
- preapproval
- A detailed evaluation that mortgage brokers use to determine how much money they may be able to borrow The preapproval process reviews the borrowers financial statements, credit and debts A preapproval letter strengthens the borrowers position when presenting an offer to purchase, because it shows the seller the borrowers seriousness and creditworthiness
- preapproval
- A process whereby a potential home buyer secures a guaranteed mortgage approval before making an offer on a house A lending institution guarantees in writing to grant a loan for a specified amount Not to be confused with prequalification (See the full article on preapproval )
- preapproval
- The result of a borrower completing the application process; once the loan has been approved by an underwriter the borrower is preapproved Preapproval can only take place prior to the borrower looking for a home (after a home is under contract, this process is considered loan approval) Preapproval is always subject to the property appraising as well as property type approval, and there are typically additional conditions imposed by the underwriter Preapproval means that the borrower can shop for a home with confidence, knowing that they are approved (subject to any conditions) for the financing
- preapproval
- The lender has reviewed the borrower's credit history and verified income and has issued a loan commitment based on a maximum amount qualified for subject to an acceptable appraisal of the property
- preapproval
- Uses basic information as well as electronic credit reporting It is a true mortgage commitment, which means a commitment to financing the home and an indication of the total mortgage amount available to the buyer
- preapproval
- A process that lets you get approv
- preapproval
- A process - far more rigorous than pre qualification, that mortgage lenders use to determine how much money they'd lend you based upon a thorough review of your financial situation Getting a pre approval letter strengthens your negotiating position when you are buying a home, because is shows the sellers your seriousness and creditworthiness Back to Top
- preapproval
- At People's you can receive a mortgage commitment before you even find a house Preapproval is based on income, credit and asset verification It can be a valuable negotiating tool