Preapproved Loan: A pending loan in which all of the underlying documents are in file and there is a strong probability that there are no credit or income issues that will stop the loan from closing. It does not necessarily mean that the file has been underwritten by the lender who will commit to provide the funds for closing.
Real Estate Word of the Day: Preapproved Loan
Trackback from your site.
Leave a Reply
About our blog
Our agents write often to give you the latest insights on owning a home or property in the local area.