I rang up the mortgage broker this morning to cancel my pre-approved loan, as my financial situation has changed, ie getting a better deal. I thought he would be quite disappointed as I would imaging it is a lot of effort getting all the documents sorted out for your client, yet he did not get a cent back. However when I told him that I no longer want his service, he was surprisingly calm and did not demand a reason for my withdrawal. He just went, "well fine, we can't do anything with it then."
I guess they must have got used to this kind of thing - people getting the loan pre-approved yet not wanting to move any further to sign the actual contract. But it does not stop me sympathising his situation.
Updated at 5:41pm
[Thomas] Interest rate increases...
[Scotty] just at the right time!!!!
[Thomas] The right time?
[Scotty] /me turns on sarcastic mode.
One week after we purchased the property, and has not yet settled the loan... Time to go fix, as there will be more rise on the horizon.