Is there any obligation when you get preapproved bya mortgage lender? Do you have to pay or anything like that
We didn't. I used my credit union to get a pre-approval letter. We were going to use them but then a couple days later I got a letter demanding a bill of sale and all these other documents so they could process the loan! I was annoyed because I specifically said that we did not have a property in mind but we wanted that letter so that realtors and sellers would take us seriously. So I looked more. If you are told to pay, keep looking because you should not have to pay for pre-approval. Later on there will be application fees, of course.
we were pre-approved but no one ever asked to see the letter. we verbally told the realtor and it was left at that. after MUCH shopping around we decided on a different lender. we owe nothing to the 'pre-approval' lender, just told them that we decided to go w/ someone else.
We didn't have to pay for our Pre-approval thru Washington Mutual.
Find a place that won't charge you for a pre-approval. You aren't committed to using them, but it'll help you go around to some places that ask to see. I went to the BFCU and they wanted $95 for a pre-approval--no way!
