Get pre approved for a mortgage Meaning and Definition

Pronunciation

/ˈdʒɛt prɪ əˈpruːvd ˈfɔr ə ðə ˈmɔrstɡæʒ/ 🔊

Part of Speech

Noun

Definition

A preliminary approval given to a borrower by a lender, committing to lend a certain amount based on the borrower’s creditworthiness and other factors, allowing the borrower to negotiate the terms of a mortgage.

Examples

• Apply for a mortgage and get pre-approved for a home.
• Getting pre-approved for a mortgage makes negotiating the sale smoother.

Synonyms

• Preliminary approval
• Financing commitment

Antonyms

• Denial
• Rejection

Etymology

The term “get pre-approved” originated in the late 20th century, emerging from the real estate industry’s need to streamline the mortgage application process.

Additional Information

A get pre-approved for a mortgage is typically valid for a specific period, usually ranging from 30 to 90 days. During this time, the borrower can negotiate the terms of a mortgage and make an offer on a property. A get pre-approved for a mortgage is not a guarantee of approval, but it gives the borrower an advantage in the home-buying process.

Before getting pre-approved, borrowers should carefully review their credit history and financial situation to ensure they are in the best position to obtain a mortgage. This involves checking credit reports, paying off debts, and saving for a down payment.

Etymology

The term “get pre-approved” has become a standard phrase in the mortgage industry, used by lenders to communicate with potential borrowers.

Usage Notes

When getting pre-approved for a mortgage, it’s essential to provide accurate financial information, as this can impact the outcome. Borrowers should also be prepared for lenders to request additional documentation or clarification.

Cultural References

Get pre-approved for a mortgage is often discussed in real estate and financial contexts, such as TV shows and online forums.

Idiomatic Expressions or Phrases

Get pre-approved is often used in phrases like “Get pre-approved for a mortgage and start house hunting.”

Related Words or Phrases

• Mortgage application
• Credit check
• Loan approval

Collocations

• Get pre-approved for a home mortgage
• Get pre-approved for a commercial property

Frequency of Use

The term “get pre-approved” is commonly used in real estate and financial contexts, particularly in the United States.

Common Misspellings

• Get preapprrove
• Get preaperoved