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!
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.