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.
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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!!
Pre-approval is meaningless.
It means "Before you are approved", it does not mean that you are approved.
Pick your lender.
No.
No you have no obligation legally.
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.