Can You Switch Lenders After Preapproval?
03/23/2026
By: Joey Gutirrez, Residential Lender
Mortgage Myth Monday: “If you get a preapproval from a lender, you’re expected to work with that lender.”
Many buyers believe that once a lender issues a preapproval letter, they are locked in and must use that lender for their mortgage. This is not true. A preapproval simply shows that you’re qualified to purchase a home; it does not commit you to that lender for your final loan.
Shopping around is not only allowed but often beneficial. Different lenders offer different rates, fees, and service levels, and comparing those options can help you secure the best overall value. MidMo Bank’s mortgage team is currently running a Beat the Rate campaign for conventional and fixed-rate loan types only. If you have a preapproval from another lender and we can’t beat their offer, we’ll give you a $100 gift card. It’s a win-win: you either get a better rate and a lower payment, or you walk away with a gift card.
Being prequalified or preapproved elsewhere does not obligate you to close with that lender. Homebuyers have the freedom to choose the mortgage option that best fits their financial goals.
To learn more about comparing preapprovals or to get started, contact local mortgage expert Joey Gutirrez at 417-380-4016.