Finance
A Maine buyer's agent advises their client to get a 'pre-approval letter' rather than just a pre-qualification. The difference is that a pre-approval:
AIs the same as a final loan commitment
BInvolves a more thorough review of the buyer's financials and credit by the lender✓ Correct
CGuarantees the interest rate for 6 months
DIs only available from Maine Housing
Explanation
A pre-approval involves a more thorough lender review (including income verification, asset documentation, and credit check) than a pre-qualification, making the buyer's offer more credible to sellers.
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