There's not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to a client, up to a certain amount and based on certain assumptions. This letter is often required when a prospective home buyer is looking to submit an offer to purchase real estate because it gives the seller confidence that a prospective buyer will … (17 comments)
A Mortgage Preapproval Letter vs. a PreQualified Letter - are either worth the paper they are written on?
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