Definition
Digital mortgage pre-approval process allowing buyers to verify loan qualification and financing capability online.
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Online pre-approval accelerates buying process. Buyers submit financial information digitally, lenders verify documents, and provide pre-approval letters. Online pre-approval is faster than in-person (days vs. weeks). Pre-approval is essential for serious buyers in competitive markets.
Pro Tip
Obtain pre-approval before beginning serious home search; pre-approval letter strengthens offers significantly.
Example
Online pre-approval delivered within 24 hours; buyer has pre-approval letter ready when making offers