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Pre-approval
The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in negotiations with sellers.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Real estate
- Category: General
- Company: Coldwell Banker
- Product:
- Acronym-Abbreviation:
Other Languages:
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