A document from a lender or broker that estimates how much a potential homebuyer could borrow based on current interest rates and a preliminary look at credit history. The letter is a not a binding agreement with a lender. Having a pre-approval letter can make it easier to shop for home and negotiate with sellers. It is better to have a pre-approval letter than an informal pre-qualification letter.
A LETTER THAT STATES THAT THE BORROWER HAS RECEIVED A GUARANTEED RATE (HELD FOR USUALLY UP TO 120 DAYS) FOR A CERTAIN MORTGAGE AMOUNT AND FOR A CERTAIN TERM.
a glorified pre-qualification," says Savitt, a board member of the National Association of Mortgage Brokers
a statement from a lender that you are qualified to service a specific amount of debt
a step above pre-qualification
a total of nothing," says Kathy Courtney, director of sales and marketing for William Lyon Homes in San Diego
A letter from a lender that states that the Buyer has been approved for a certain amount of $ towards the purchase of a home.
A written document that details how much a lender will give a potential home buyer based on the current interest rates and the buyer's credit history. The letter is issued by a lender or a mortgage broker and is used to instill confidence in a seller because it verifies that the buyer can obtain the funds needed for the transaction.
A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you are a serious buyer.
Letter from a lender, indicating buyer can qualify for a certain size mortgage at a specified rate.
A letter from a lender stating the qualifications of a person to purchase a property within certain price limits.
A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
A letter from a lender confirming the amount that can be borrowed by a person whose ability to borrow has already been assessed by the lender.
