{ "media_type": "text", "post_content": "Husband and I are shopping around for mortgage lenders. Would it make more sense to do prequalification first for a few lenders to get preliminary rates - and then narrow down which lenders we actually want to do the preapproval process for?", "post_id": "5fb3e433d79ac10021d61487", "reply_count": 6, "vote_count": 1, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }

Husband and I are shopping around for mortgage lenders. Would it make more sense to do prequalification first for a few lenders to get preliminary rates - and then narrow down which lenders we actually want to do the preapproval process for?

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Go with a mortgage broker. They have a network of lenders and get you the best rate. This is a better approach than going to specific lenders for the preapproval process.

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Given the real estate market in your area you may want to take it a step further and get unwritten approved as well. Just a thought!

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Yes. Thats what we did.

Pre-approval means nothing for determining ultimate loan rate. You use the pre-approval to confirm to the realtor and yourself how much you can generally afford. Get maybe 2 pre-approvals just to make sure you're in the right ballpark. One lender pre-approved me for $30k more and I don't know if the other lender I went with for the actual mortgage would have approved that if I actually went in at the top top of my budget (which you shouldn't be doing anyway).

In any case, you don't lock in rates until you get to the final loan application process. And if your situation changes in the interim, that could positively or negatively impact your loan application.

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