Can I get preapproved for a loan from any lender and then keep searching for a better loan rate? Do preapprovals from multiple lenders hurt my credit?

Asked by aadesai, Midlothian, VA Tue Apr 30, 2013

We are looking for homes and would like to get preapproved asap but then continue shopping for best interest rates

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Apr 30, 2013
Good evening aadesai,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Richard Shap…, , Framingham, MA
Tue Apr 30, 2013
Once a lender or broker holds your credit you can have other lenders and brokers hole your credit as well within the next 30 days without it affecting your credit score.

That said you really only need one preapproval letter or be preapproved from one company.

I would hope that if you wind up getting a preapproval from someone you know and trust it be upfront with them about looking around for other rates most loan officers are aware that their clients are always have the rise open and I were willing to listen to other deals however you should hopefully give that person the benefit of the doubt and let them know what you're doing and give them the opportunity to earn your business.
1 vote
Josh Marks, Mortgage Broker Or Lender, Chicago, IL
Wed Jun 26, 2013

You have a 30 day window for lenders to run your credit. Keep in mind that rates change on a daily basis/ certain lenders can be misleading.

Please feel free to give me a call with any questions, concerns, or advise.

Josh Marks
Direct: 773.303.0033
Cell: 847.867.5998
0 votes
Janine Elkho…, Agent, Woburn, MA
Wed Jun 26, 2013
I would rather have you work with one lender. Make sure you get recommendations from your buyer agent. At some times some sellers request a pre-approval from a certain lender just go with the flow and request it if you want to be on the winning side.
The problem with too many is that you have to clarify at the time of financing why you have that many requests.
0 votes
Andrew Adams, , 01915
Tue Apr 30, 2013
If the loan officer and or lender can't deliver as promised the rate is irrelevent. Shopping for rate alone may cost you in the end.
0 votes
Joyce Lin, Agent, Leominster, MA
Tue Apr 30, 2013
Yes, you can. Exerpt from The Basics of Credit Scoring
by Dean Hartman on December 16, 2010

"Special Note About Inquiries

This is always a hot topic because borrowers think they will hurt their score because their credit report is pulled. But as explained above, New Credit only accounts for 10% of a person’s score, and of that, inquiries is only a part. Also, keep in mind what an inquiry represents – application for additional credit. If your credit report and score shows that you are a responsible borrower, then applying for more credit will have a minimal affect on your score. But if you appear to be an irresponsible borrower, then the inquiry may drop your score a few points, or several points.

Note what Fair Isaac itself says about inquiries at

1. “For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all. For most people, a credit inquiry will only decrease their FICO score by a few points.”

2. “Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you’re only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping.”
0 votes
Josh Marks, Mortgage Broker Or Lender, Chicago, IL
Tue Apr 30, 2013
Having your credit ran by mortgage lenders will not hurt your credit (30 day window)
Please feel free to give me a call (nights/weekends as well)

Warm Regards,
Josh Marks
Direct: 773.303.0033
Cell: 847.867.5998

We lend in all 50 states!
0 votes
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