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What is the difference between pre-approval and fully underwritten?
A standard pre-approval is based on a basic credit pull and self-reported income - the lender has not verified anything. A fully underwritten pre-approval means the buyer has submitted all tax returns, bank statements, and asset documentation to a human underwriter who has cleared them. A fully underwritten buyer who waives the mortgage contingency operates with nearly the same certainty as an all-cash buyer.
From the seller playbook: Soft Pre-Approval vs. Fully Underwritten Commitments
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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