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How many pre-approvals should I get?

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How many pre-approvals should I get?

I'm just wondering how many other pre-approvals I should apply for.  I currently have a pre-approval from Chase and Wells Fargo.  I'm still within the 14 day shopping period, but I'm just wondering if getting more will benefit us in some way. 

 

We will be doing FHA, so I know terms will be somewhat the same, but incentives will be different.  Does anyone have any advice on any decent remaining lenders out there? Thanks in advance!

Message 1 of 5
4 REPLIES 4
Established Contributor

Re: How many pre-approvals should I get?

No advice on lenders.  But I asked Dallas once, and he stated you should go shopping for mortgages after you have found a home.  He stated to get a preapproval find a home, and then start shopping for mortgages because often times lenders will give you a lower rate during the preapproval because they don't have to actually stick with it for the approval time. 
4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Message 2 of 5
New Visitor

Re: How many pre-approvals should I get?

Thank you.  Well we are in the process of house hunting right now.  I will be making sure to compare each company's good faith estimate, and try to get whichever company we want to go with to match the best rate we have.  But I'm just wondering how many pre-approvals from different lenders should we apply for.
Message 3 of 5
Established Contributor

Re: How many pre-approvals should I get?

You only need 1 preapproval from 1 lender.  Once you have a house where your offer is accepted, then you can go to several different lenders until you feel that 1 particular lender is offering you the best deal and you're confident that's the one for you. 
4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Message 4 of 5
Community Leader
Super Contributor

Re: How many pre-approvals should I get?

IMO you should only apply for 1 pre-approval, however before you apply you should talk to as many loan officers as you need to in order to feel comfortable (ask questions, and questions, and then more questions, and then call back the next day and ask more questions) so you will only need to get pre-approved with 1.  If you feel the need to get pre-approved with more than 1 then something is wrong with the loan officers you are talking to, they are not answering your questions because if you continue to go for pre-approvals then that means you were not confident in the first person you talked to.  Now once you have determined who that person is you are free to call other lenders and always ask about interest rates to make sure the lender you are pre-approved with is still being competitive.  Realize that not every day one particular lender will have the lowest rates, if that was the case then there would only be 1 lender, so as long as what your loan officer is offering you is within .125% and $500 in fees from competitors, it's usually best to stick with the one who fully knows your situation (the loan officer you felt uber-confident with in the first place).

 

So to recap, get pre-approved with 1, but monitor them to make sure they are staying competitive. 

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