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Mortgage glossary
Pre-Approval
A conditional evaluation based on information and documents reviewed at that time. It may state a possible loan amount or price range, but it is not a final approval or guarantee. Changes in credit, income, assets, debts, property, rates, or program rules can affect it.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.