are preapprovals binding in any way?

If you have not signed any application paperwork with the lender, you can absolutely back out from lender. Contact me by email at saradeere@openmortgage.com, and I can send you an example of a real preapproval letter.

Your pre-approval is not a guarantee of a full loan approval and the terms can change based on review of all of the required documents. If you are not satisfied with your lender you can always change your mind and walk away at any point. I would suggest to try and reach out to the loan officer again or his/her manager to get better clarification. If that does not work I would suggest changing lenders. There are many great loan officers out there and if your current one does not work out I'm sure you will find one. If you look in the top right corner of this website you will see a tab called Community, move your mouse over it and a drop down list will show Find a Lender. From here you can check out some great local loan officers in your area. Best wishes, Sean

Pre-approvals are NON binding

A Pre-Approval is not a loan guarantee. Rather, a loan officer has reviewed your information, and based on knowledge of underwriting guidelines, and various programs, has indicated there is a high probability of final underwriting approval.

No.. Pre approvals are not binding in anyway. A pre approval is when a loan officer takes an application, looks at your credit, and reviews all your supporting documentation, and determines that he can obtain financing for you. Loans can denied up till the moment prior to funding. For a loan amount of $475K and a rate of 4.3%, that all sounds like a very fair deal. If you have already gone through the effort of applying, signing original application and disclosures, and have already ordered an appraisal, then you might want to stay put.. It's unlikely another lender will be able to meet your sales contract deadline. A new lender would not be able to just "Take Over" your existing loan.. you would be starting from the beginning all over again. I would suggest you write very specific questions you want answered and call your loan officer, inform him of your frustrations and tell him you want direct answers. Sometimes it's good to clear the air... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com