What You Didn’t know About Preapproved Offers

Have you gotten a preapproved offer in the mail for a loan?

Keep in mind that you may get offered a higher interest rate than expected.

The lender is going check your credit score and although you might be approved, the lender doesn’t have to give you the same terms you were offered in the preapproval letter.

For example, if your credit score is relatively low, you might be offered a higher annual percentage rate than was quoted in the preapproval offer.

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