Without written certification, it's not a true pre-approval and it carries no weight. It proves that an underwriter has completed all the checks and guaranteed your loan. Many lenders pre-approve applicants, mostly because it lessens the chance that the buyers will look to other lenders once they find a house. Pre-approval, however, does not preclude shoppers from changing prospective lenders at any time. The length of the pre-approval process varies, depending on the lender and applicant.
Some banks can complete it in one day.
Some lenders perform these checks over the phone. Home Spot is provided for your personal, non-commercial use. Any reproduction, distribution or other use of the content of this area is expressly prohibited under the Terms of Service . Your use of this area constitutes your acceptance of the Terms of Service.