Preparing students for successful lives in a complex world. 1  Resources for Academic Excellence 2  ... Connections to Careers and the World 3  ... Environment for Service and Engagement ...
What does it mean to be 'pre approved' for a loan. Pre approved means that the lender (it could be your bank or credit card company or any other company that you had an account with) already have your details, and provided those details are correct, they will lend you a certain amount.
Pre-approval does not mean the bank guarantees you the loan. It just means that you're approved to get loan -- unless something goes wrong.Commitment to the loan generally comes after the bank has had the house in question appraised to make sure the price you're paying isn't higher than the home's market value.oan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms pre-qualification and pre-approval sound like the same thing, but they're not. And in fact, neither pre-qualification nor pre-approval means a bank actually has to give you the loan.