Good morning! I’m house shopping in one of those top 5 US hot markets, FTHB so won’t be buying with any more cash than 20% down with some appraisal gap $ ready. I’ve been hearing about getting Pre-Underwritten to better compete with cash offers. Asked my lender and they just said sure we can do that. No extra fees, don’t have to have the house selected. That seems…a little too easy, is there a catch? My lender seems happy to do it but didn’t mention it as an option until I heard of it and asked.
I’m wondering if this will keep me from shopping lenders once I get an offer accepted, as going with a new lender would mean I’m no longer Pre-Underwritten. I’m also not sure how much that really matters as my priority would be for the sale to go through smoothly more so than the lowest rate/fees. With the local trusted and recommended lenders, I’m guessing what I pay in the end won’t be all that different between them.