Real Estate Glossary



  Pre-Approval

When you work with your lender to get pre-approved, you are getting an indication of how much money you will be eligible to borrow when you apply for a mortgage. This process occurs before you complete an application for a loan.

Pre-approval includes a screening of a borrower's credit history, and all information you give to your lender will be verified when you apply for your mortgage.

 

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Stephanie Smith, REALTOR,
Westfield, New Jersey Real Estate
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