MortgagesHomebuying Glossary
Pre-Approval
Also known as Preapproval
A lender's conditional commitment to lend you a specific amount, based on verified financial documents.
In plain English
Pre-approval involves a lender actually verifying your income, assets, credit, and debts to issue a conditional letter stating how much they're willing to lend you. It's typically valid for 60–90 days.
Why it matters
A pre-approval letter signals to sellers that you're a serious, qualified buyer — in competitive markets, offers without one are often not taken seriously.
Where you'll run into it
Guides and tools on TheBuyingPath that cover pre-approval in context.
Related terms
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