When am I committed to borrow?

Some people feel like once they have signed the application, they are obligated to borrow. That is absolutely not the case. In fact, none of the documents you have received are contractual until you are actually at closing and sign your note. All you are doing is getting your financing approved so you are in a position to make an offer, purchase a home and close the home loan. You are not obligated for the loan transaction until you sign your closing documents.