Question

Before you make an offer on a home, you should first make sure your mortgage loan application has received a

Answer 1

After you submit your loan application, the lender does an extensive check on your finances and credit record. If everything checks out, the lender will state the exact amount they're willing to loan you. The preapproval is good for a set amount of time, usually 60–90 days.

Answer 2

Preapproval.

A mortgage loan is a loan in which registered property, such as real estate, serves as collateral. If a person borrows money for the purchase of a house, and gives the house as collateral, he is the owner of the property, borrower and mortgagor. The lender, usually a financial institution, is the mortgagee (he acquires the right of mortgage: first right of sale).

When receiving an application for a mortgage loan, the bank performs a series of evaluations of the economy and finances of who applies the loan. Thus, if the bank considers that the individual meets the requirements, it pre-approves the credit, subjecting its final approval to the conditions of the property to be acquired.

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