Another good reason is to make sure you have a back up in case one lender can't perform as they promised. This is the biggest risk IMO as there is nothing worse than having an approaching closing date and a lender that all of a sudden can't perform or changes terms on you. The chances of this can be mitigated though by using local mortgage professionals that come recommended (from people that have used them many times in the past) and by getting multiple quotes.
I recommend you get 2 or 3 good faith estimates, mortgage companies hit the front side of a loan with fees but few understand they also hit the backside with points or by selling the loan, by RESPA law a mortgage company must do one. This gives the fee's they are charging, interest rate etc...
The company that wins most all loans from my buyers is Integrity Home Loan and my contact is John Broskie or Tracy Bailey, they are a great team and will find the best rates for you, if you are interested Johnâ€™s number is 407-493-3868.
As per RESPA law I make nothing for anyone who uses John or Tracy, they are very professional and because of this buyers and sellers give us referral's, that's the best form of thanks.
Thanks for the question,
Dave Lowe, broker
GRI / ePRO / GREEN designations
More than one mortgage pre- approval you only need one . Work with one broker after you have determine which explains all options fully to your understanding.
Keep in mind owning a home does have annual tax advantages.