In Brief: EAB Will Preapprove Homebuyers for a Fee

UNIONDALE, N.Y. - European American Bancorp. has introduced a preapproval program for home loans. The program allows potential homebuyers to determine in advance how large a loan they qualify for and preapproves them for the financing they expect to need.

"Real estate professionals and people selling their homes like doing business with prospective buyers who are already preapproved for a mortgage, which strengthens the homebuyer's negotiating position," said William Redman, senior vice president of EAB.

Preapprovals are made within 48 hours and are good for 60 days. They cost $50, which can be applied toward the standard application fee if the applicant proceeds.

EAB is a unit of Holland's ABN Amro Bank.