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A pre-approval says that you're a good candidate for a mortgage. You're likely to be approved for the loan as long as the information you provide is accurate. A Loan Estimate, on the other hand, doesn't come until “after” you've found a property.
What is a loan estimate for?
A Loan Estimate is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested. The lender must provide you a Loan Estimate within three business days of receiving your application. The Loan Estimate is a form that took effect on Oct.
What does a pre-approval letter include?
Pre-approval letters typically include the purchase price, loan program, interest rate, loan amount, down payment amount, expiration date, and property address. The letter is submitted with your offer; some sellers might also request to see your bank and asset statements
Learn more about loan estimate and pre approval letters:
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