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"Preapproval Letter"

From Elizabeth Weintraub,
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Definition: A letter from a lender that says the borrower’s credit, bank references and employment have been verified. The letter is not binding on the lender because it is subject to other conditions such as an appraisal of the property.

Examples: A preapproval letter from a lender carries substantial weight with a seller because it shows the seller the buyer is serious.

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User Agreement \| Ethics Policy \| Patent Info. \| Privacy Policy	©2008 About, Inc., A part of The New York Times Company. All rights reserved.

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