The CCL Glossary BACK BUTTON LOCATION
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Pre-Approval
A lender's conditional loan commitment based on a full review of the borrower's finances.
The commitment a lender makes to a potential borrower of a loan amount based on a completed loan application. This application contains credit reports, income, debt, and savings information. The commitment is subject to the borrower meeting qualification requirements at time of purchase and review of collateral by an underwriter.