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if i got pre approve for a mortgage loan from a lender.those this means that i have to take out my loan with this lender when the time arrives to get a loan for my home ? or can i still apply for other loans and options. also my home is been build now but the closing is not till november any suggestion for loans and different programs available for a first time buyer?

4 Thoughts on if i got pre approve for a mortgage loan do i have to stick with this lender ?
  1. Reply
    Larry J
    February 7, 2014 at 4:45 pm

    Usually pre approvals are just a way to get you to take an interest rate you might not otherwise accept. By all means… shop around for the best rate. Pre approval does not mean you have to rake it only that you can. Good luck and good shopping!

  2. Reply
    February 7, 2014 at 5:06 pm

    No. If you paid something for the pre-approval, you won’t get that back, but you can do anything you want to do.

    Stay away from internet lenders. Call your bank, a big big bank, and medium bank and a credit union if one is available to you. See what’s out there.

    Consider your credit though. Every time a lender inquires you lose some points, depending on where it is now. Good credit loses a couple points, but lousy credit can lose a bunch of points for each inquiry. And no matter what the lender tells you, until they see your credit and verify your income and assets, they will not be able to give you a firm rate. Also, your pre-approved rate isn’t locked. It can go up or down depending on the market. Don’t lock it more than 30 to 45 days before closing, because when the lock expires, you either start over or pay a penalty for every day over the rate lock expiration date.

  3. Reply
    Jeromy W
    February 7, 2014 at 5:13 pm

    It depends if you put anything down for the pre-approval, if not, then definately shop. You should have a GFE or a good faith estimate from the lender, use that to shop around to get a good rate and see if some fees can be lowered. If you do have an investment in the pre-qual, then it’s a matter of how much. Be advised to two things, the more lenders you go to, the more your credit will get pull, while this isn’t a major dent in your credit, it’s not smiled upon either. Last, rates are volitale and will remain so if not start to climb up, good luck

  4. Reply
    February 7, 2014 at 6:07 pm

    There is no reason to commit until you have the terms on a loan that fit your financial situation and you are comfortable with them. But if you’ve written an offer, I wouldn’t back out now. It could impact the closing. Or if you paid some fee’s up front, you won’t get those back.

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