What is Mortgage Pre-Approval?
A conditional financing determination based on reviewed credit, income, and assets that can help strengthen purchase offers.
Mortgage pre-approval is a conditional determination issued through a creditor or loan program based on verified income, assets, credit, and debt. Unlike pre-qualification (a rough estimate), pre-approval usually involves a credit check and document review. A pre-approval letter can strengthen your offer when buying by showing sellers that financing has been reviewed.