Hedge funder Scott Bommer, of SAB Capital, is in contract to sell three Lily Pond Lane properties in the Hamptons for $110 million in an off-market deal, The Post has learned.
A pre approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre approved loan depends on the terms and conditions of the pre approval and ability to secure the loan before the pre approval expires.
Here's the difference: 1  Pre-qualification -- Through this process, you would provide the lender with very basic information about your financial situation. 2  Pre-approval -- This is a more in-depth (and more useful) version of pre-qualification. 3  Approval -- This is the final approval by the lender.eing pre-approved for a home loan doesn't guarantee you'll get the loan. In order to get a final approval from the lender, you'll have to go through the full underwriting process. And that doesn't happen until you've made an offer to buy a home.