The application process by which a potential PLUS or Private loan borrower can seek faster credit approval results.

Where a potential home buyer attempts to secure a guaranteed mortgage approval before making an offer on a house.

The applicant requests approval from the Professional Growth Committee before commencing the activity. Pre-approval is synonymous with the term prior approval which was used in editions of the RFP and Guidelines prior to 1998. For the following applications pre-approval is required: All requests for funding, including registration fees, travel reimbursement and summer projects. For the following applications pre-approval is recommended: Requests for travel for advancement. Requests for advancement for work experience. Requests for advancement for other professional activities.

A conditional approval made by a lender stating that they will approve a loan if the conditions outlined in the approval are met.

A financial assessment of a prospective homebuyer to determine how large of a loan they will be eligible for.

Based on documented income, assets, and credit.

This indicates the loan amount you qualify for before the proposed new home is found. You must apply and present all documentation for a mortgage loan for a pre-approval.

After the loan application, credit is pulled, income is verified and documents are reviewed determining the borrowers ability to repay. The lender then approves the borrower for a loan program and a specific amount of money.

This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase. This can give you a great advantage with a homeowner or realtor if someone else is interested in the same home at the same time. Also, if your thinking about refinancing and wanting to payoff creditors or take cash out but not sure you would qualify - you can apply for a pre-approval and save on the cost of getting an appraisal on your home until you know if you qualify.

The process of applying for a loan and gaining approval for a certain amount before having an actual purchase agreement.

A mortgage approval for a pre-determined amount and interest rate arranged prior to the borrower's purchasing a property. A pre-approval will determine the borrower's purchasing power and hold the interest rate for up to 120 days.

When you get a lender's written approval to make a loan prior to finding an appropriate property. This is much more convincing to a seller than a "prequalification" (see below).

a complete loan application package minus the appraisal and title search

a conditional loan approval from a lender based on your application

a firm commitment based on the estimated loan amount and purchase price information that you provide in your application

a firmer commitment on behalf of the mortgage lender

a firm loan commitment based on verified information prior to finding a home

a firm mortgage approval

a formal loan approval, stemming from a completed and submitted loan package, with its terms stating that the buyer is approved to buy a home up to a certain price, considering the funds at hand and the loan amount acceptable to the lender

a formal, written promise by a home lender to make you a new home loan

a letter telling you that a mortgage lender will lend you a certain amount of money to buy a home, subject to a property appraisal and other stated conditions

a more detailed review of your income, job history, credit history and may really help you feel empowered when searching for a home

an ACTUAL COMMITMENT from an Underwriter

an actual written loan commitment by a lender after formally applying for a loan

a review of several documents along with your credit report

a statement from the bank that displays their commitment to you as a client

a statement from the lender offering a loan to you, as long as the home you are purchasing has a high enough appraised value

a true loan commitment for a particular loan amount

a written commitment obtained by Capstone Mortgage from a lender based on your credit, income, and assets

The process of determining how much a borrower will be eligible to borrow when they apply for a mortgage loan.

When a mortgage lender determines how much money they would lend a potential borrower. This estimate is based on a thorough examination of the potential borrower's financial situation. When in the process of buying a home, being pre-approved for a loan may improve your position during negotiations.

A commitment by a lender to extend a certain amount of credit to a buyer for use in purchasing a home. Pre-approval allows the buyer to negotiate like a cash buyer. The pr-approval process is also used to assist the buyer in locating problems they need to resolve prior to securing a loan.

the process of completing the loan application, running the credit report, and collecting all documentation on the borrower, the borrower is then “approved” by the lender for a specified amount, subject to making an offer on a property and approval of the property (appraisal, etc.).

Assurance by a lender that you appear to meet the requirements for a specific type of loan based on the initial application and credit report.

Obtaining loan approval, by having the loan processed and underwritten, before an Offer to Purchase has been accepted by a seller.

A firm commitment by the lender of credit approval; given prior to finding a property.

Having the loan processed, underwritten, and obtaining loan approval before an Offer to Purchase has been accepted by a seller.

A process in which a conditional commitment is issued after a loan profile is underwritten with all standard documentation except a property appraisal and a title search.

A process of submitting an application and being approved for a loan subject to certain conditions Possession: Being in control of real estate

A commitment from a lender to make a loan after their review of pertinent documents.

Process that lenders use to determine how much money they can lend you based on a thorough review of your financial situation. Getting a pre-approval letter strengthens your negotiating power when you're buying a home, because it shows a seller your seriousness and your creditworthiness.

A way in which you can establish your ability to get a home loan worth a certain amount of money, even before you've found the home you want to buy. The pre-approval process is done in conjunction with a specific lender; the results are based on the total income of your household, the amount of your monthly debt, as well as other factors – depending on your situation as a home buyer.

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 commitment by a lender to extend credit provided that specific conditions are met.

A process used by mortgage lenders to determine the loan amount they would give to a potential buyer based on an extensive review of the buyer's credit history. Lenders issue pre-approval letters to strengthen a buyer's position when bidding on a home, because it instills confidence in a seller that the buyer is able to obtain the money needed to purchase the property.

A commitment from a lender, subject to property appraisal and other stated conditions. It confirms how much home money the lender will loan a borrower.

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 letter from a lender approving you for a mortgage of a certain amount within a given timeframe. The lender estimates the amount based on your income, assets, debts, and credit history.

Pre-Approval refers to the almost-instantaneous conditional credit check performed for our loan program's applicants who choose to apply by phone or internet. The conditional pre-approval process is not a commitment to lend, but does provide the borrower with the peace of mind in knowing that their initial credit rating is such that they could qualify for the loan. Final approval is based on supporting documentation and an evaluation that you meet the required loan underwriting standards.

There are the first two steps in applying for a mortgage loan. First, a lender or broker pre-qualifies you. Pre-qualification determines whether you have the financial resources to match the size of loan you are requesting. Information is often not verified at this step. It is a preliminary step to screen your viability as a loan applicant. Pre-approval is the next step. It requires much more detail. You will need to verify your income and down payment, for instance. A lender will determine whether you meet its underwriting guidelines. A pre-approval signifies that a lender will make you a loan for the amount that you are pre-approved.

A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant???s credit history and may involve the review and verification of income and assets to close.

The process goes a step further than prequalification. It means the broker or lender has verified the borrower's earnings (unless stated), assets, etc. The borrower receives a letter stating the lender is willing to grant a mortgage for a specified amount, within a period of time.

Loan approval based on lender receipt of the following: credit report, income, and verification of assets and liabilities. (The loan is further subject to a property appraisal).

A confirmation from a lender that it has done a complete assessment of your ability to pay for a home, based on your credit report and other factors.

The amount a lender guarentees it will loan a borrower based on the analysis of an application. Click here for a free quote.

The process of determining how much money you will be eligible to borrow before you apply for a loan.

A thorough assessment made by a lender of a potential borrower's ability to pay for a home and a confirmation of the amount to be borrowed. The completion of a loan application is necessary to close the loan.

A preliminary approval to a loan application based on information furnished by applicant, and is conditional to attaining all conditions deemed necessary by the program guidelines.

A term used to mean that a borrower has completed a loan application and provided credit, income, and asset information that has been reviewed and electronically submitted to an FNMA or FHLMC underwriting module and obtaining an approve/eligible response. This is in an indication of approvability, and the loan remains subject to an underwriter review.

When you work with your lender to get pre-approved, you are getting an indication of how much money you will be eligible to borrow when you apply for a mortgage. This process occurs before you complete an application for a loan. Pre-approval includes a screening of a borrower's credit history, and all information you give to your lender will be verified when you apply for your mortgage.

The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in negotiations with sellers.

A lender's firm commitment on a loan and it enables you to enter into negotiations with confidence. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

A mortgage approval obtained before negotiating a contract on a specific home.

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 commitment by a lender to provide a mortgage loan to a specified borrower. This approval is subject to verification at application.

A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter, which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise the funds needed to purchase the home.

See Pre-Qualification

a lender's actual commitment to lend to you. It involves assembling certain financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

A formal offer by a lender to make a loan under certain terms or conditions to a borrower.

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 act of going through the mortgage application process before the borrower is ready to borrow, to establish how much money the borrower could obtain for a new home loan. Under normal circumstances Pre-Approvals are obtained by providing the necessary documentation or proof for the specific loan program for employment, income, debt and credit.

A process that mortgage lenders use to determine how much money they would lend based on a limited review of the buyers' financial situation. Lenders issue a pre-approval letter to strengthens buyers' position when bidding on a home, as it shows sellers that buyers will be able to raise funds needed to purchase.

A pre-approval is a lender's preliminary evaluation of your credit history, income, and assets. During the pre-approval process, the lender will order a credit report for you and will obtain an underwriting analysis and recommendation. If you are pre-approved, you will receive a letter that you can show to potential home sellers. The letter identifies the amount you may be able to borrow and indicates to the seller that the lender is likely to approve your request for a mortgage. Remember that a pre-approval is not an absolute commitment by the lender. Before you can receive the actual mortgage loan, you will need to provide verification of some of the information you provided during the pre-approval process. You may also need to meet several other terms and conditions.

A lender commitment to lend to a potential borrower, as as long as the borrower continues to meet the qualification requirements at the time of purchase.

A process in which a customer provides appropriate information on income, debts and assets that will be used to make a credit only loan decision. The customer typically has not identified a property to be purchased, however, a specific sales price and loan amount are used to make a loan decision. (The sales price and loan amount are based on customer assumptions)

The process of calculating how much money a potential homebuyer could borrow.

Approval for mortgage financing based debt and income verification, credit history, property appraisal and other factors. This carries more weight than a pre-qualification.

A loosely used term which is generally taken to mean that a borrower has completed a loan aplication and provided debt, income, and savings documentation which an underwriter has reviewed and approved. This process is independent of, and previous to, the same underwriting review of a property.

The process of determining that a borrower is credit approved up to a predetermined amount. The borrower is credit approved pending the locating of a home that meets the predetermined loan criteria.

A credit card offer with "pre-approved" only means that a potential customer has passed a preliminary credit information screening.

is the preliminary approval for obtaining a mortgage based on review of available documents (ie. pay stubs, employment records, bank statements, etc.) required by the lender.

A commitment from a lender to loan a certain amount of money to a buyer at a designated interest rate and for a specified period of time.

Lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Preliminary recommendation by a lender for a borrower's mortgage application at a certain maximum amount and rate.

A pre-approval typically means that the lender has verified your debt ratios, checked your credit rating, and reviewed income levels with paycheck stubs or last year's W-2s. Not a loan commitment.

Mortgage pre-approval specifies the actual amount a buyer is pre-approved by a lender to borrow before a house is purchased. The buyer has to apply and qualify for the mortgage. Pre-approval allows the buyer to negotiate like a cash buyer. Even if the buyer is not granted pre-approval status, it's a helpful step to take, as it illuminates existing problems in securing a loan and allows the buyer to take steps toward resolving them.

Certification from a lender that a borrower's credit, assets and income have been reviewed and the applicant qualifies for a loan at a specified rate and amount. A pre-approval is a more rigorous review than a pre-qualification, which is a simple review of an applicant's "stated" financial situation and employment.

A guarantee to lend to the borrower. Lender needs only to review the subject property.

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 loan approval for a specific loan amount, contigent on the lender's approval of the property (appraisal, clear title, etc.) A pre-approval requires a completed loan application and credit report. This process usually involves review or verification of funds and income. Borrowers who seek pre-approval before selecting a home are often issued a letter for 90 days subject to credit update and verification of sufficient funds and income prior to closing. A pre-approval typically increases the likelihood that an offer on a home will be accepted by a seller.

Pre-approval is the process of securing guaranteed mortgage approval before you've found the property you want to purchase. This strengthens your bargaining position and eliminates a lot of the stress involved in buying a new home because you've taken care of much of the paperwork up front - now you can focus on looking! To be approved, your lender will look at your credit score, debts and assets. Then they'll issue a "Pre-Approval Letter" guaranteeing in writing that they'll grant you a loan for a specified amount.* Pre-approval demonstrates that you have a strong financial position - giving you a competitive advantage in the bidding process. Pre-approval also allows you to construct an offer with contract terms that meet the seller's needs. Not to be confused with pre-qualification. * There's one catch - final disbursement of the loan is subject to terms outlined by the lender (usually including an appraisal and review of the sales contract). If the property you've bid on does not meet your lender's guidelines you'll need good negotiation skills and creative thinking. Don't worry Ron and his team will guide you through this unlikely scenario.

A process in which British Mortgages Abroad will offer a decision in principle. This opinion is based entirely on the credit search history available to British Mortgages Abroad. The pre-approval is not binding and not necessarily accurate because British Mortgages Abroad will not yet have verified the application details.

This means that we have determined that your credit report and application have been approved, and granted you the money for your loan.

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.

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. Back

This is where a borrower has completed a loan application, providing the required financial information for credit worthiness assessment and has been pre-approved by a lending institution.

A lender's conditional agreement to lend a specific amount on specific terms to a homebuyer. Your lender may make it subject to satisfactory appraisal and title review and no change in financial condition. With pre-approval, you know your file has been reviewed by an underwriter and that you're approved (subject to satisfactory appraisal and no change in financial condition). Either way, you can shop with assurance, because you'll know up-front how large a loan you could qualify for.

A lender's firm commitment on the availability of the property loan.

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.

the process of obtaining preliminary approval for a mortgage before application is complete. May or may not constitute a formal commitment by the lender to make the loan.

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.

An actual decision on a home loan, involving the obtaining of a credit approval and an agreement to finance a home, with specifics on the total mortgage amount available to the buyer.

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 loan underwriter has reviewed the loan application, credit report, income and asset documentation, and approved the loan.

Confirmation of the amount to be borrowed by a person whose ability to borrow has already been assessed by the lender.

A written commitment from a lender, subject to a property appraisal and other stated conditions, that lets you know exactly how much home you can afford.

The Buyer has actually begun the application process and an underwriter has approved their income, funds and credit. Beware of any conditions on the approval.

A process whereby a potential home buyer secures a conditional credit approval before making an offer on a home.

Where the consumer actually applies for a loan before s/he has found the house s/he wants to buy. The lender guarantees the consumer a fixed loan amount as long as s/he buys within a certain time period and meets the qualification requirements at the time of purchase. This is much more convincing to a seller than a Pre-qualification.

A certification that a borrower has submitted a loan application and some documentation that has been approved by an underwriter. A potential borrower is given preliminary approval on a loan for a certain amount of money. This is very different from pre-qualification.

To determine the loan amount for which a borrower may be eligible prior to completing a loan application.

(known in Britain as Decision in Principle) A process in which a mortgage company will offer an opinion as to what products, if any, are available to the applicant. This opinion is based entirely on the credit search history available. The pre-approval is not binding and not necessarily accurate, as the mortgage company will not have yet verified the application details.

At MainStream, this means you actually apply for and get approved for your loan in advance of buying a property (not true for all mortgage companies). This process includes verification of your credit, income, assets and liabilities.

A process used to assess a prospective borrower's ability to pay back a loan. It determines how much money a prospective homebuyer can borrow before an actual application is made.

a simple calculation that tells you the amount you'll be able to finance through a loan and what your monthly payment will be

The process of providing financial information in order to determine the maximum amount of mortgage you will qualify for. This process usually includes an interest rate hold and a list of conditions that need to be met. Conditions would include such things as employment/income verification, down payment etc.