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PRE-APPROVAL
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loosely used term which is generally taken to mean that a
borrower has completed a loan application and provided debt,
income, and savings documentation which an underwriter has
reviewed and approved. A pre-approval is usually done at a
certain loan amount and making assumptions about what the
interest rate will actually be at the time the loan is
actually made, as well as estimates for the amount that will
be paid for property taxes, insurance and others. A
pre-approval applies only to the borrower. Once a property
is chosen, it must also meet the underwriting guidelines of
the lender. Contrast with pre-qualification. |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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