When you get pre-approved for a home loan what obligations do you have to use that lender in your transaction?

Are there any fees or penalties with getting pre-approved for a home loan if you don't take out the loan? Are you free to get pre-approved by several lenders?

When you get pre-approved for a home loan what obligations do you have to use that lender in your transaction?
A pre-approval entails a lender going through and verifying your information (underwriting your income, assets and credit).





You would then get a pre-approval letter. Yes, there is typically a charge for this. There is applcation fees (3rd party) which they'd collect in the form of an application fee.





Sure you can get pre-approved with any and every lender you'd like to go to... might hurt your credit though (even though it's not supposed to).





You are not commited to go with the lender that pre-approves you. But, you should confirm this via their paperwork. A company that does not charge an application fee will most likely have an application fee that is waived upon initiation of a mortgage.





Pre-approvals are a lot of work, and take time... use the lender that you want to use. We all have basically the same loan products anyway.
Reply:only if they made you pay anapplication fee, otherwise, tell them you'll think about it.
Reply:None, seller sees you, a serious buyer