Pre-approval

In lending, pre-approval has two meanings: The first is that a lender, via public or proprietary information, feels that a potential borrower is completely credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it. ^[1]

5 relations: Credit, Fine print, Loan, Mortgage loan, Pre-qualification (lending).

Credit

Credit (from Latin credit, "(he/she/it) believes") is the trust which allows one party to provide money or resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead promises either to repay or return those resources (or other materials of equal value) at a later date.

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Fine print

Fine print, small print, or "mouseprint" is less noticeable print smaller than the more obvious larger print it accompanies that advertises or otherwise describes or partially describes a commercial product or service.

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Loan

In finance, a loan is the lending of money by one or more individuals, organizations, and/or other entities to other individuals, organizations etc.

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Mortgage loan

A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

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Pre-qualification (lending)

Pre-qualification is a process whereby a loan officer takes information from a borrower and makes a tentative assessment of how much the lending institution is willing to lend them.

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References

[1] https://en.wikipedia.org/wiki/Pre-approval

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