Neal Kaplan I'm a director of technical communications working for a data analysis startup in Redwood City. I started as a technical writer, and since then I've also been learning about information architecture, training, content strategy, and even something about customer support. I'm also passionate about cross-team collaboration and user communities.

Can a pre-approved loan be denied?

51 sec read

You can be turned down for a mortgage loan if you’re pre-approved. The pre-approval process gets deeper. The lender pulls your credit score, income, etc., but neither of these are guarantees that you will get the loan.

Are pre-approved loans guaranteed?

Pre-approval is the process of getting a loan or mortgage of a certain value range. To a typical consumer, “you’re pre-approved” means “you already passed the approval process and are guaranteed to be immediately granted the loan if you apply.”

Does pre-approval mean you will get the loan?

Being pre-approved means you have been approved by the lender for a specific amount. When pre-approved, you will get a letter stating your approved loan amount.

Are you guaranteed a loan after pre-approval?

The information you give the lender will be used to preapprove you. Others want to dive deeper. Being prequalified or preapproved isn’t a guarantee that you’ll be offered a loan, you’ll need to provide more information before you can be approved and receive an official loan offer.

Is pre-approval final?

Being pre-approved doesn’t mean you will get final approval. Pre-approval typically lasts for 60 days. If you don’t Renew your pre-approval by this point, the bank’s pre-approval will stop.

Does pre-approval mean guaranteed approval?

Preapproval doesn’t guarantee a mortgage will be approved. It does involve a thorough review of your financial background and sets realistic parameters around how much you can afford to borrow if your application is approved.

Neal Kaplan I'm a director of technical communications working for a data analysis startup in Redwood City. I started as a technical writer, and since then I've also been learning about information architecture, training, content strategy, and even something about customer support. I'm also passionate about cross-team collaboration and user communities.

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