Asked by Alex Gom, Maryland • Fri Apr 19, 2013
Sorry, I have asked a similar question but didn't get a clear answer and my situation has updated so I'm writing another question more clearly.
So I went to multiple banks and got pre-approval letters with some details on rates, estimated closing costs and all. And today I saw this house with my realtor that I would like to put a good offer in. Once the seller accept my offer, I must contact my lender(s), right?
So now my question is do I have to pick out the lender by just comparing those pre-approval letters? or can I actually submit formal applications to all the lenders that I'm interested in and pick one after comparing GFEs?
I'm confused because pre-approval letters are 'estimates' so it will and can change a lot later. Then am I legally allow to apply to multiple lenders to have GFEs compared without any fees or penalties? and select one and cancel the rest later? Wasn't sure how it's normally done with the others.
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