Pre-approval
Pre-approval
This term denotes that the borrower gets his home loan application with debt, income and savings proof reviewed and approved by an underwriter before finalizing any property. The pre-approval is done taking into account certain loan amount and estimating the interest rates and property taxes, insurance etc. at the time of taking the loan. It applies only to the borrowe, but once the property is chosen, it should also meet the underwriting guidelines of the lender.
6.05
5.78
