Why you want to get pre-approval letters from 2 lenders? if your concern is rate you can always compare without application. If your concern is your loan scenario you can go for Home Advantage Program. Under this program you file will be under written on TBD property.
You can but it is not fair to both lenders as they have to put in time and work for your request. Also, it have lenders pull your credit file back to back can make you lose some points. So think deeply about it before proceeding...
The first lender, I applied on monday, but after the loan officer pulled my credit that he told me the mortage option I wanted was a 7/ARM, which I dont wanna it ! I told him many times I want a fixed rate. So thats why I thought to apply with a differnte bank, however, Im afraid my score will be hit badly!
What you have explained here sounds like dropping one lender and seeking another. That would not be 2 lenders at the same time..I believe. To my knowledge, mortgage inquiries only count as 1 in a 14 day period. I'm sure someone else can chime in on this to either support what I am saying or correct what I am saying. Good Luck !!
The first lender, I applied on monday, but after the loan officer pulled my credit that he told me the mortage option I wanted was a 7/ARM, which I dont wanna it ! I told him many times I want a fixed rate. So thats why I thought to apply with a differnte bank, however, Im afraid my score will be hit badly!
Why a 7/1 ARM? WHy don't you want it? Are you staying there longer than 7 years? Did you tell him, you're going to stay in the house less than 7 years but more than 5?
