Real Estate Term: Pre-Approval

Pre-Approval: An application that allows a lender to determine a buyer’s financial situation, including debt-to-income ratio, ability to repay, and creditworthiness. Once complete, the lender can give the buyer a letter stating the exact loan amount and total sales price they have been pre-approved for.

Another Term Tuesday and this week, we’re talking pre-approvals! Join us tomorrow for my live I KNOW A G segment where we’re talking all things lending, including pre-approvals!

Your Homie In Real Estate