Should you get pre-approved by more than one

[snowpealeaf]

mortgage broker/lender when buying a home? Why and why not? One of the mortgage brokers I spoke with said that it doesn't hurt your credit score to get pre-approved by more than one broker/lender. But, if being pre-approved by a particular broker/lender doesn't actually lock you to that broker/lender, then is there a real benefit to getting pre-approved by multiple brokers/lenders? Does it incent them to give you better rates?

I'm looking to buy my first home, and would appreciate your guidance and experience. Thanks!

[noemi m]

It's good to look around but know that the more people look into your credit score the more it drops so try like two or three places at the most.

[blueman]

I don't know but can u tell me some tips on becoming a Broker/Realestate?

[rlloydevans]

Getting pre approved simply gives both you and the seller a good feeling of what kind of a loan you can be approved for. You know the price ranges you can look for to get the payments you want, and the seller can feel good that you being pre approved shouldn't have problems getting financing.

Getting pre approved by more than one lender soes nothing to improve this. The one broker is probably hoping you'll get pre-approved with them, because they know that a preapproval means you are much more likely to get financing through him, which means he makes a commission.

But you have done what you needed, you are preapproved. You don't need more than that, going through additional brokers to get more preapprovals would just be eating up more of your time. Instead, you should now be concentrating on what house to buy.

My advice would be to get preapproved at one only, but you can still get information on loan programs through different brokers. That way, when you do agree with the seller on a particular transaction, you can go with the loan program that makes the most sense to you. You will have 2-3 days after the seller accepts your offer before you have to start formal loan processing, so you will have that time then to do your final homework and decision on what broker and loan program to use.