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AIP (Approved in Principle)
Approved loan application made before a property is purchased. Can be just a broad an indication of likely loan approval based purely on loan application information or can be a fully assessed loan application with supporting documents verified and approval granted subject only to the property being acceptable.
Approval in principle vs pre approval
Learn MoreWhile you're looking for a property, the approval in principle (AIP) lasts six months and gives you an estimate of how much money you can borrow at that time. Before you put in an offer on a house, call your bank and request a letter of offer.
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