noun
- preliminary approval or authorization granted before a formal application or purchase, especially for a loan or credit
Usage: commonly used in finance and real estate contexts
Examples
- The bank offered her a preapproval for a mortgage before she started house hunting.
- Getting preapproval for a car loan helps you know your budget.
- The credit card company sent him a preapproval offer in the mail.
- Preapproval does not guarantee final approval of the loan.
- Many homebuyers seek preapproval to strengthen their offers.
- The preapproval letter showed she was qualified to borrow up to $300,000.