PRE-APPROVAL
Before shopping for properties, a buyer with good credit can get pre-approved for a loan. This pre-approval commitment by the lender results from a credit check and tells the borrower the monthly amount he or she can afford to pay. It doesn't, however, promise a specific interest rate or a particular loan. Pre-approval shouldn't be confused with pre-qualification, which is the lender's "guesstimate" of the amount the borrower can borrow based on the information the borrower has provided.
MORTGAGE GLOSSARY
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Historical Federal Funds Rate
*National Rates
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