What's the difference between approval and pre-approval? One word: verification. Pre-approvals are an estimate, not a promise. A pre-approval is a non-binding statement saying, based on a cursory review of your unverified financial status, that you are eligible for a loan up to a certain amount.
How long after pre-approval do you get approved?
Getting your pre-approval letter could take anywhere from a few days to a few weeks. On average, it usually takes less than 10 days. If you have everything in order, and your credit is good, you can get it in 1 or 2 days. How long does the underwriting process take?
Can you get denied after pre-approval?
Yes, it's possible to have your loan application denied after getting preapproved for a mortgage. It doesn't seem fair, but the reason this is possible is because your loan has to go through the underwriting process before it's finalized.
What happens between pre-approval and approval?
After you have received pre-approval and made an offer on a property, lenders will do a full credit check, which does leave an enquiry on your file.