Business and Personal Finance Dictionary

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• PRE-APPROVED LOAN
  
  A commitment from a lender that you are approved to purchase a home within the price range specified. If you want to be approved for a loan prior to choosing the home you would like to purchase, you will want to obtain a pre-approval. The lender will take down your employment, income and credit information and may provide you with a pre-approval based on that information. If you are pre-approved and you find the home that you would like to purchase, the home that you choose must also meet the lender's underwriting guidelines.
  
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