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Document explained step by step
Preapproval letter
Summarizes an estimated amount you may be prepared for, based on the information reviewed at that point.
When it appears
After an initial review of credit, income, debts, and funds.
What it is used for
Helps you make an offer with a clearer view of possible financing.
What to review
Your name, date, stated amount, and any conditions. It is not final approval or a promise to lend.