Question by jjokc: What does approved not accepted mean on a home loan application?
Best answer:
Answer by Trenton
If you are approved for a loan it means that the bank has run you financials and your credit report. After doing this they feel that you are able to make the monthly payments of the loan that you have applied for. Accepted means that all of the paperwork is signed and the check is in the mail(so to say).
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Please provide the full context.
I’m wondering if you might be looking at a “pre-approve” rather than an “approve” for a loan.
“Accept” is a Freddie Mac term. When a loan is run through Freddie’s LoanProspector, a recommendation of “accept” means the credit profile seems acceptable to Freddie. But it still take a human to “approve” a loan. But then a loan could be accepted but not approved – not the other way around like your question indicates.
Please provide more information, including the context, if you want a meaningful answer.