or can you prequalify with several lenders?
2006-10-10 15:01:29 · 11 answers · asked by Adam C 1 in Business & Finance ➔ Renting & Real Estate
You can go with several. A mortgage broker will get you the best deal.
2006-10-10 15:08:40 · answer #1 · answered by Catspaw 6 · 1⤊ 0⤋
No Pre qualifying does not lock you in at all and never sign a contract if given one with a bank or mortgage broker, do not pay any fees up front except maybe $20 max for credit report and appraisal if required, it does not cost a thing to lock a rate, to be approved. All other fees should be paid at closing. Ask your current lender for a credit score disclosure your copy that is. Then you can show this to other brokers from pricing avoid pulling your credit until your find the lender you will use.
2006-10-10 16:04:28 · answer #2 · answered by Dave C 2 · 0⤊ 0⤋
Don't prequalify with more then 1. Then fined out your credit score and then you can discuss rates with the one who gave you the prequalify. If you have good credit and they are stiffing you on the rate, go with someone else. Amazingly, Bank of America - WHICH IS HATE - gave me the best rate and the process was the best out of 8 purchases in the last 5 years. But don't shop around for to many as your score will drop each time they run your credit by a couple of points. If you request your credit you won't get penalized if it is (I think twice a year) after that, if you request your credit it drops a few points. Each point matters.
2006-10-10 15:36:28 · answer #3 · answered by rab2344 4 · 0⤊ 0⤋
NO, it does not lock you into anything with that lender. Shop around, that's OK. But don't go giving each and every one of them the OK to run your credit. It's a hard hit and will just bring your scores down. Scores is what they all want to see. The middle one to be exact. Find out yours if you don't already know. A mortgage broker will give you the best deal, but buyer beware, ask A LOT of questions as stupid as they may sound. They will take advantage of someone who does not know. Go with someone who is recommended buy someone you know had a good experience. Read all documents before signing.
2006-10-10 15:27:38 · answer #4 · answered by TeQuiLaSuNriSe 1 · 1⤊ 0⤋
Pre approval isn't something extra beneficial than a "gown prepare consultation". It does no longer obligate you to something. In a pre-approval, the lender in basic terms does all of the calculations and tests they'd do for a real approval. Then they inform you, if this have been a real deal, in the event that they'd have authorized the deepest loan. this way you're growing to be some self belief approximately how plenty you would be able to desire to be authorized for and that there is not any longer something on your historic past that could reason issues. whilst it comes time for a real very own loan, you will nonetheless could do each little thing you will have in the previous, yet you would be notably useful that's going to bypass by. whilst the time comes, verify around for the excellent rates and the excellent deal.
2016-12-26 15:42:40 · answer #5 · answered by Erika 3 · 0⤊ 0⤋
No pre-qualifying does not lock you into a rate. You must fill the paperwork out. Also desoit what the person said below you have a given amount of time to find a good program without seeing a decrease in scores. i would suggest though that you log onto my company site http://justgetaloan.net/ here you can apply once but our mortgage consultant shop YOUR PROFILE (not your personal information like other places) the banks in which contract us to do business. The more banks the more options. for the best rates,programs, and service feel free to log on. Also you can contact me in person at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net
2006-10-11 11:04:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as you have not signed any agreements, you are not locked in to any lender. Shop around, there are so many deals out there but buyer beware. Many mortgage lenders promise one thing and you get to the closing table and there are many nasty surprises. Do your homework.
2006-10-10 15:10:03 · answer #7 · answered by Tatochka 3 · 1⤊ 0⤋
You can pre-qualify with everybody. Pre-qualification doesn't mean anything. You will still have to go through the approval process for the mortgage.
You want pre-approval. Pre-approval doesn't lock you in with that vendor either, but it does cost some money to get a pre-approval. You will pay a fee to lock a particular interest rate for a number of days.
2006-10-10 15:07:41 · answer #8 · answered by John T 6 · 1⤊ 0⤋
there is no obligation to stay with this lender. you can go to as many as you want, but take copy of your credit report so for pre-qualification purpose different lenders will not pull up your credit again.
2006-10-11 18:58:06 · answer #9 · answered by bianca 4 · 0⤊ 0⤋
No you are not locked- cuz you don't have to sign anything
2006-10-10 15:02:56 · answer #10 · answered by Mommyk232 5 · 0⤊ 0⤋