Understand what still needs to happen before a loan closes.
The essentials
Preapproval can help you understand a lender’s initial view of your borrowing position. It is usually conditional and may depend on verified documents, the property, and your finances remaining suitable. Terminology varies, so ask the lender exactly what its letter means and how long it lasts.
Put it into practice
Keep copies of the documents supplied and avoid assuming approval is unconditional. Ask before making major financial changes while an application is in progress. Continue comparing costs if appropriate. Before committing to deadlines in a purchase agreement, understand which finance conditions remain and discuss them with the professionals helping with your purchase.
Before you decide
Use this guide as a starting point for your own questions. Check the current terms in your documents and the rules where you live. Keep a short written record of the options you compare, the details you still need, and your next step.
This is general educational information, not personal financial, insurance, tax, or legal advice.