Is Conditional Approval the same as Pre Approval?

They are different in the fact that a conditional approval comes after pre approval and tends to go into more depth. An underwriter conducts a strict documentation review before your loan is conditionally approved. A pre-approval strengthens your hand when you are bargaining with a seller because it shows that you are more likely to bring the deal to a successful conclusion. A conditional pre-approval, however, usually will carry more weight when competing offers come from other pre-approved buyer candidates.