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Can/should I apply for pre-approval from more than one lender?

  • July 22 2009 - Concord
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Answers (7)

Profile picture for jarbuthnot
Thanks to all for your answers, appreciate the input and your time. 

Regards
Joan
  • July 25 2009
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Don't have more than 1 mortgage company hit your credit, it does effect your score even slightly can make a big difference in your ability to buy, I just had a client that got a bit higher interest rate because of 5 points.
So what you do is use the score that the first mortgage co. tells you that you have and then shop around. They will try and tell you they have to run their own, your response is, fine but lets assume my score is ... and then if i decide to use your company I will let you run it. ALSO Bryan said don't take up their time so much inquiries are easy but also free, be upfront,and you'll recieve upfront rate quotes,
also the mortgage rates change daily so if today morg.co 1 says 4.5 and 2 days from that point morg.co 2 says 5 ,, then you go back to morg.co 1 and they say 5 don't be angry it's the rate change not the company
  • July 24 2009
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Zillow's blog has a post on this exact question today.

Go to the mortgage blog link (under the "mortgages" tab above), and it's the second post down.
  • July 22 2009
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Yes!
Companies think of this like shopping for car insurance. Get a feel for the mortgage company and their rates (and costs). Besides, are you really about to walk into a 30 year commitment without seeing more than one option?With that said, every time you do a credit check, your credit is dinged (slightly) so don't go wild. Also, keep in mind you are taking up people's time, so don't be rude/ dishonest.With THAT said, this is a slow economy and for buyers its kinda nice to have all the attention/ competition of these mortgage companies.Good luckBryan Hill
The Casual Tycoon
  • July 22 2009
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You should get only 1 pre-approval letter.  With that being said, before you get your pre-approval letter shop around and choose the loan officer you want to work with. 

It's very rude to work with different loan officers only to drop one of them once the offer is accepted.  Be up front and do the shopping you get your pre-approval letter drafted.
  • July 22 2009
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Generally speaking, no.  However, with that being said, you should be able to trust the one with which you are working. 

And as previously mentioned, you'll get better lending options with a broker.
  • July 22 2009
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That's what a broker does.  Generally speaking, you get a better loan by going deep at one place rather than scattering your efforts.

Loan agents know when you are checking around so they all make you a low priority
  • July 22 2009
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