What is pre-approval?
A mortgage pre-approval is a lender's conditional statement of how much it may lend a buyer, after reviewing credit, income and assets.
In practice
- It is stronger than a pre-qualification, which is usually based on what the buyer reports.
- Final approval still depends on the property, the appraisal and updated documents.
General information, not legal, tax or financial advice. Rules vary by state and MLS.
Related
More real estate glossary
Put your listings online.
A fast listing page, an agent site and a QR code. Free plan, no card.