mortgage approval
Lender says yes
Mortgage approval is formal confirmation from a lender that a borrower qualifies for a home loan.
It follows review of credit history, income, debt, and the property itself.
Approval may be conditional, requiring additional documentation before funds are released: We got mortgage approval but still need to provide proof of insurance.
Distinguished from preapproval, which is preliminary.
- lenderOne who loans money
- preapprovalAuthorization before final commitment
- credit checkExamination of payment history
- credit scoreNumerical measure of borrower reliability
- down paymentInitial sum toward purchase
homebuyer · debt-to-income · interest rate · escrow · loan officer · documents · income verification · denied · bank · qualification · paperwork · good faith estimate · stress · waiting · application · real estate agent · offer · home loan
mortgage approvalloan denial
Refusal to lend money
loan rejection · credit denial · disapproval · disqualification
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