Just wondering, if I'm shopping around for mortgages, can I get pre-approved by more than one lender? I wouldn't see why not, but wanted to make sure.....
Are you committed to a lender after getting pre-approved, and how can I make sure multiple pre-approvals don't hurt my credit too much?
Thanks!
2007-06-27 13:17:07 · 6 answers · asked by airlyss 2 in Business & Finance ➔ Renting & Real Estate
Yes you can get more than one pre-approval, however, the credit bureaus WILL see that your credit is pulled and this MAY drop your scores.
Pre-approval means at minimum a credit check. Prequalification is based solely on the info you give the lender.
Rather than try for so many pre-approvals, this would be the time to compare the rates that lenders are offering. This way YOU stay in the driver's seat.
2007-06-27 13:46:49 · answer #1 · answered by Venita Peyton 6 · 0⤊ 0⤋
A ball park number is good to get you started in the right direction so that you are shopping in your affordable price range. However, when it comes to sealing the deal shop, shop, and shop for the best interest rate. Stay away from small mortgage type companies and stick with big name banks especially with the present economy problems. It is a buyer's market so you should be able to find a great deal. Do not strap yourself financially, buy within your means. Remember the other bills involved to maintain a home. This is why so many people are foreclosing on their homes right now. Remember to take into consideration the location of the house - area and a desirable school district is very important. Think about future resale value. Hire a home inspector before purchasing. Good luck and enjoy the process.
2016-05-17 18:58:21 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you shop within a certain period of time the 3 Credit Bureaus can see you are shopping and wont penalize you. Id stay within a 2 week window. Yes you can get several preapprovals! Smart choice! Remember it's not just rates..its points, closing costs and fees too! Good luck!
2007-06-27 13:23:37 · answer #3 · answered by RealtorV 3 · 0⤊ 0⤋
Yes you can. Yes it will hurt your credit buy having mulitiple companies looking at it.
One thing is if you go for an FHA loan, they will issue a case number. Only one company can have one.
If this is what you are planning on doing I would be honest with your loan officer or the broker you are dealing with. They will all understand but for the most part you can just mess it up.
2007-06-27 13:26:24 · answer #4 · answered by financing_loans 6 · 0⤊ 0⤋
Pull your credit and present it to as many lenders as you wish and have them put in writing that they will not pull your credit. Every time your credit is pulled it is affected.....no matter what industry it is.......FACT! Get all the Estimated Hud 1's in writing, this is the interest rate and fees charged to accomplish the loan.....there is free info on our website at http://www.nocostnofeehomeloans.com
2007-06-27 14:24:07 · answer #5 · answered by michael c 2 · 0⤊ 0⤋
Pre-approvals don't hurt your credit at all, since they 'pre-approve' you on information YOU provide, not from the credit bureaus. As long as you do not start authorizing all sorts of places to run a credit check on you, you can apply for pre-approval at as many as you desire. Just don't approve them to run a credit check.
2007-06-27 13:27:36 · answer #6 · answered by acermill 7 · 0⤊ 2⤋