Many clients get confused about what a pre-approval is and what a rate hold is. Typically a pre-approval is a full evaluation of your entire situation and a bit of a garuntee that you can afford the home you are attempting to purchase. In contrast a rate hold is a promise from a lender to give you a specified interest rate offer should you purchase in the next 120 or 90 days (depending on the lender). Pre-Approval A pre-approval is basically an underwriting of all your do