After getting a preapproval, I have signed a loan application with one company and they did all they could and still gave me a no. Then the next day I went to a different mortgage company and they told me yes after two days. I just got a call from the first mortgage broker changing their answer to a yes. What am I obligated too? I signed a loan application with the first mortgage company but they told me no, so I went looking for another option. ------
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you aren't obligated to either one. A loan application is just a"look see". If you decide to go with one of them, they may ask for fees to be put up front for appraisal, etc. ------
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lotus99 wrote:
After getting a preapproval, I have signed a loan application with one company and they did all they could and still gave me a no. Then the next day I went to a different mortgage company and they told me yes after two days. I just got a call from the first mortgage broker changing their answer to a yes. What am I obligated too? I signed a loan application with the first mortgage company but they told me no, so I went looking for another option. ------
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Hi, I am interested of how did this situation go? Any update about this?

As stated in another answer, what you signed was just an enquiry, you are not obligated. But to help you with the decision, my choice would be to go with the best deal being offered. What interest rate are they offering, what are the terms, what deposit are you being asked to provide? If these are equal with both parties, then morally you should consider going with the party that did the most work on your behalf. They worked for it, they deserve the business. Maybe you wont agree, thats just my thoughts on the subject.

Simply put you are not 'obliged' to go with anyone. Just choose the one that offers you the best deal, the one that is going to cost you less money in the long run.