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Saving, Managing Debt, and Budgeting

Mortgages

What does it mean to be “preapproved” for a loan?

When someone is preapproved, the lender has already investigated his creditworthiness, and has established that he can borrow up to a certain amount from the lender. A home-buyer often receives preapproval before making an offer on a house, in order to make his offer more attractive to a seller.



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