"Can get you approved" - what now?

[Hevj1119]

Hi all
Yesterday the hubs and I emailed 3 brokers, asking each of them to pull our credit and let us know if we could get preapproval.

We received an email back from one that says "I can get you preapproved, will be in touch Monday to get the ball rolling."

What does this mean? How do we proceed if another broker says the same? How far do we "roll the ball" with each broker if our goal is to compare rates?

I'm so confused about "shopping around" and starting to regret having more than one lender in our corner. Please advise!

[Hevj1119]

I've read http://ficoforums.myfico.com/t5/Mortgage-Loans/The-mortgage-pre-approval-process/td-p/696635 Shane's process outline a billion times and I just can't see how shopping around fits in to this process.

I've also searched this forum for the terms shopping around and read the first six pages of results and I still feel clueless.

Can someone please clarify what shopping around means and how far we go with three different brokers?? I've asked before on these forums and the only response I got was someone else wanting to know the same thing. Lol

Thanks in advance...

[Jutz]

Admittedly, I haven't read the referenced thread on the pre-approval process.  However, a mortgage broker basically does the "shopping" for you.  They will use a variety of banks that best fit your situation.  I believe most people refer to "shopping" as shopping banks.

I would speak with each broker and see who you feel more comfortable with, making sure to find out their experience in working with folks in a similar situation to yours, whatever that might be.  From there, stick with that broker, and let them guide your through the financial side of the process.

If they've all already run your credit, make sure you get your credit results; might as well get something for all the hard pulls (9 in total).  Keep in mind your credit may get run several more times by the time the process is over, especially depending on how long it takes.

By now (assuming they have your income information) they'll probably be able to figure out your pre-approved purchase price.  Now it's time to find a realtor you're comfortable with and look at property in your range.

[Hevj1119]

Jutz... thank you for your reply  Sounds like we've confused what "shopping around" means and gotten ourselves into a hole.  We were able to stop one of the brokers before he put in any effort (So now 6 hard pulls) and will now go with the broker who we feel will serve best in our circumstances

Thanks again for your advice

[Jutz]

Great!  Good luck to you!  I expect you to be approved for both FHA and Conventional based on your scores in your sig

[Walt_K]

Go ahead and contact a few banks as well.  It can't hurt.  Since you already have your credit scores, you can just tell them to give you the best rates they can offer for a person with your mid-score.  Tell them you understand they'll have to pull your credit to verify, but that you've had your scores pulled and want to know what they can offer before you let another person pull your credit.