Also known as Pre-Approval. Initial loan approval is based on the lender’s information before a property for purchase is found. This approval is subject to a satisfactory valuation of that property. It can also be subject to other conditions such as LMI (lenders mortgage insurance) or the sale of another property. An AIP is not a guarantee that you will be able to borrow the full amount, rather a good guide.
« Back to Glossary Index