What is prequalification vs. preapproval?
CalDirect simultaneously gives prequalification and preapproval based upon the information you provide in the online application. Because this preapproval is based on information provided to CalDirect verbally and as set forth on the application, it is considered conditional loan approval. The conditional approval is subject to the verification and/or receipt of additional information. Once all closing conditions and lender requirements are satisfied, the loan will receive final approval.
