Preapproval is a step beyond prequalifying. In a preapproval we send the credit part of the loan package to our underwriters and get you approved for a certain type of loan before you have found or made an offer on a property.
With a preapproval you can close the loan faster and often will find your offer more acceptable to the seller. Sometimes sellers are anxious and will take somewhat less in price from someone who can close quickly.
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