• Forums
• Directory
• Blogs
• Glossary

Definitions of Pre-Approval

• A pre-approval is a loose term used to indicate that a borrower has provided enough information to a lender that the lender is able to give the borrower a loan "pre-approval" up to a specific amount. It is usually contingent on the borrower being able to meet additional guidelines and is not a guarantee of financing but an indication of credit worthiness. This definition of Pre-Approval contributed by wayne-long.