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Buyer’s Guide

What is Loan Pre-Approval?

Being “pre-approved” for a loan means that you’ve met with a loan officer and provided documentation on your income and expenses to determine a price range of homes that you can afford.  This is not the same as “pre-qualification” or “loan commitment.”  Pre- qualification is simply an informal review of your finances by the lender and does not require any documentation or evidence of your financial situation. A pre-approval letter is always better than a pre-qualification letter.  Finally, the pre-approval letter does not constitute a commitment from the lender to make the loan; this can only be obtained by formally applying for the loan.

If you’re interested in obtaining pre-approval we can help - click here