preapproval Definition
- 1an initial evaluation of a potential borrower by a lender to determine whether they qualify for a loan and the amount they can borrow
- 2an official document from a lender stating that a borrower has been preapproved for a loan
Using preapproval: Examples
Take a moment to familiarize yourself with how "preapproval" can be used in various situations through the following examples!
Example
Before house hunting, it's important to get preapproval from a bank.
Example
The preapproval process involves a credit check and income verification.
Example
With preapproval in hand, the homebuyer was able to make an offer on the house she wanted.
preapproval Synonyms and Antonyms
Synonyms for preapproval
- pre-qualification
- conditional approval
Summary: preapproval in Brief
Preapproval [pri-uh-proo-vuhl] is an initial evaluation of a potential borrower by a lender to determine whether they qualify for a loan and how much they can borrow. It involves a credit check and income verification, and results in an official document from the lender stating that the borrower has been preapproved for a loan. Example sentences include 'Before house hunting, it's important to get preapproval from a bank.' and 'With preapproval in hand, the homebuyer was able to make an offer on the house she wanted.'
