Pre Approval Letter?
This preapproval letter is not a binding commitment, but rather a valid offer to lend you a certain amount of money that is typically good for the next 60 – 90 days, depending on your lender.
Having a pre-approval letter in hand means sellers will take you more seriously as a buyer because you already know how much you can afford and that a lender is willing to loan you that amount
Prequalification and preapproval both refer to a letter from a lender that specifies how much the lender is willing to lend to you, up to a certain amount and based on certain assumptions. These letters provide useful information, but are not guaranteed loan offers.