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WHAT IS IT CALLED WHEN A LENDER LOOKS AT A BUYER`S FINANCES AND SAYS IN WRITING THE AMOUNT THEY WILL LOAN THIS BUYER?

User Delroh
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Final answer:

A loan approval is when a lender provides a written commitment to lend a specific amount to a buyer after assessing their finances.

Step-by-step explanation:

When a lender looks at a buyer's finances and provides a written commitment to lend a specific amount, it is called a loan approval. This process involves assessing the buyer's credit history, income, and other financial factors to determine their eligibility for the loan.

For example, a buyer may submit their financial information to a bank for a mortgage loan. After reviewing the buyer's finances, the bank may issue a loan approval letter stating the amount they are willing to lend.

User Bibi Tahira
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