Does getting pre-approved commit you to anything? A pre-approval letter doesn’t bind you to any lender. That being said, if you do decide to take out a mortgage through another lender, you’ll have to repeat the paper work.

Are pre-approval letters binding?

Is a pre-approval letter binding? Nope. A lender is required to honor a pre-approval letter and you are free to shop around for loans with other lenders once you’ve selected a house.

Is pre-approval final?

Being pre-approved doesn’t necessarily mean you will get the final approval. Pre-approval usually lasts for a set amount of time — commonly 60 days. After this point, the bank’s pre-approval will lapse unless you renew it, and you must start the process again.