Posted on: 26th Jan, 2012 02:32 am
Is it possible to get a pre-approval from one lender to make an offer on a house, but still shop for a better rate? Possibly go with a different lender?
As far as I know, you can get pre-qualified from a number of lender but you need to get pre-approved from one lender.
Zennia, you can certainly rate-shop even when you've been pre-approved by a particular lender.
It's not fair to waste people's time and energy, which I hope you'll appreciate. The lender who is giving you a pre-approval will be counting on your loan to provide at least a part of his monthly income, and you'll be that much closer to putting another loan officer close to the brink for lack of income.
Yes, it's your right to shop all you want; I don't suggest that reneging on a deal with the first lender is the way to go, however.
It's not fair to waste people's time and energy, which I hope you'll appreciate. The lender who is giving you a pre-approval will be counting on your loan to provide at least a part of his monthly income, and you'll be that much closer to putting another loan officer close to the brink for lack of income.
Yes, it's your right to shop all you want; I don't suggest that reneging on a deal with the first lender is the way to go, however.
A mortgage broker works as a conduit between the buyer and the lender, the loan officer typically works directly for the lender. Most states require the mortgage broker to be licensed. States regulate lending practice and licensing, but the rules vary.
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