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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.
Your credit score and debt to income ratio are often used as quick qualifying measures. If you meet these requirements, you may be pre-approved for a loan up to a maximum amount. Your pre-approval will be good for a set period, usually 90 days.You will still be required to produce further documentation before the pre-approval becomes an approval for a loan.nce you have been pre-approved and received a pre-approval letter, then you can start shopping for a home that is not more expensive than the maximum amount for which you were approved. Also, presenting a pre-approval letter to your prospective seller will indicate that you are a serious buyer.