Pre Approved Loan

In lending, pre-approval has two meanings:

1. The first is that a lender, via public or proprietary information, feels that a potential borrower is completely credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it. This rarely happens in the financial services industry, and when it does happen, it is usually loaded with fine print that is not immediately disclosed. Usually, what happens is pre-qualification, instead.

2. The second meaning has to do with mortgage lending. People interested in buying a house can often approach a lender, who will check their credit and verify their income, and then can provide assurances they would be able to get a loan up to a certain amount. Buyers can then get a letter of pre approval from the lender, and when shopping for a home can have possibly an advantage over others because they can show the seller that they are more likely to be able to buy the house. Note that a pre-approval letter from a lender is not a guarantee from the lender that a loan will be provided.

References

1. ^ Getting Pre-Approved for a Mortgage - Pre-Approval vs. Pre-Qualification

Tips for Pre-Approved Loans

Pre-approved loans can be a helpful resource, but do your homework

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National Bank Home Buyers Centre: Your home loan pre-approval

A conditionally pre-approved Home Loan can make house hunting a lot easier. It’s completely free, is valid for six months and there’s no obligation.

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ICICI Bank Online

Pre-approved* offers are extended to customers based on selection criteria as per internal norms for Credit Card, Auto Loan, Home Loan and Personal Loan.

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Pre-Approved Loans | pre-approval is FREE - NO OBLIGATION

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Get Pre-Qualified with SunTrust Mortgage - Steve Rassin (910) 616-3273 ...

Get Pre-Approved with SunTrust Mortgage

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United Country Home Mortgage - Home Loans & Mortgage Rates

Let United Country Home Mortgage help with your mortgage needs. View our competitive rates and get pre-approved for your home loan today.

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ICICI Bank Online

Now Car Loans, Credit Card, Home Loans and Personal Loans, all at the click of your mouse

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Pre-approved Auto Loans for Bad Credit - Through pre-approved auto financing, you get to know exactly how much money you can afford and spend on car which enable you to be in ...

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Kotak Car Finance - Pre Approved

: : Pre-approved Car personal loans KMPL provides Pre-approved Car personal loans to the esteemed Car loan Customers. As a constant effort in reaching to our privileged customers ...

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How to Get Preapproved for a Home Loan | eHow.com

How to Get Preapproved for a Home Loan. Having a pre-approved loan will put you at the top of the list when presenting an offer.

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