What is the term for a lender's approval of a specific loan for a specific property?

The correct term for a lender's approval of a specific loan for a specific property is "loan commitment." This term signifies that the lender has not only reviewed the borrower's financial profile but has also evaluated the specific property in question. A loan commitment represents a formal agreement from the lender to provide the borrower with the funds needed for the purchase of that property, assuming all conditions are met.

A loan program refers to the various types of loans that a lender offers, but it does not pertain to the approval of a specific loan or property.

Loan approval is a broader term that can indicate a lender's endorsement of a borrower's ability to repay a loan, but it does not necessarily mean the specific terms or property have been agreed upon.

Pre-qualification is an initial step in the lending process, where a lender gives an estimate of how much they might be willing to lend based on the borrower's stated income and debts, but it lacks the finality and specific property focus of a loan commitment. Thus, "loan commitment" accurately captures the essence of a lender's definitive approval linked to both the borrower and the property.