What are the differences between pre-approved and a commitment letter?
A. We pre-approve you when you fill out a short application. This tells us that based on the brief information you have submitted we most likely can do a loan for you and issue you a good faith estimate of what your loan will look like approximately. A commitment letter is the final approval from the banks underwriters. It tells us what the final terms will be on your loan at closing. We call you up on the phone and let you know when this occurs.
