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Pre-Approval Letter

Definition of term

A Pre-Approval Letter is a document that states the amount of money a lender is willing to loan to a borrower. The lender will send the pre-approval letter to the borrower after going through a pre-approval process. The pre-approval process can include a credit check, employment, and income verification. The Pre-Approval Letter can help determine how much money the borrower can realistically afford to spend on their new home. Most home sellers and builders will require a pre-approval letter to be submitted with the buyer’s offer.

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