If you get preapproved for a mortgage, are you required to go with that lender?

Question

Basically, I'm just asking if you are obligated to go with the company that pre-approves you. Any other suggestions on mortgages are welcome also. I am a first time home buyer and education never hurts. All I know is that I'm looking for a 30-year fixed with no points.

Answer 1

No you have no obligation legally.

Answer 2

No, you are under no obligation to use a lender that gives you a pre-approval.   YOu can go out and 10 pre-approvals if you want.

Answer 3

It is common to have to be preapproved by the owning bank for a REO, but it is illegal for them to require you to actually finance through them.

Try Wells Fargo, I have many loans and they are by FAR the best there is.    I highly recommend them for first time buyers, they will make 100% sure that you understand exactly what you are signing and their customer service afterwards is top notch.  When you call it is actually easy to talk to a real live person!   One that speaks English!    In the US!!

Answer 4

No.

Answer 5

Pre-approval is meaningless.

It means "Before you are approved", it does not mean that you are approved.

Pick your lender.