You can get pre-approvals with different lenders, the problem is it takes time and effort. What you want to do is get an approval with a broker who will shop the deal around for you to all the lenders and get you the best rate. Then you can still look around for a better rate, tell your broker if you find something and see if he can match or beat it.

There i no point to get multiple pre approvals at all. You should hire a mortgage broker to shop for the best rate across all the lenders and then decide who you want to go for. You can then take the pre approval the mortgage broker got you and take it to you home bank branch to see if they can beat the given rate.

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I've been looking through some homes, i'm preapproved through a local credit union but i noticed on the realtor web site it says "property is being sold 'as is'. bank of america home loans and va addendum's required. free appraisal if buyer finances through bank of america home loans. pre-approval letter from bank of america required with all offers." can someone explain to me why this is? why would it matter where you go to get the mortgage loan?

More than likely, the owner, i.e., after foreclosure is Bank of America, or in the case of a short sale, the lender is Bank of America (prior to foreclosure). The banks do this so that they don't waste time with borrowers who are not qualified to buy a house . This happens a lot in this market. Additionally, if the borrower/purchaser is qualified, Bank of America would like to get the loan, turning a non-performing asset into a performing asset (loans are assets for Banks). And, Finally, the more items that the bank can control, the greater their chance of the most recovery from their investment. They can approve loans quicker in many cases on an REO property (real estate owned [by the lender]), thus reducing their carry costs. Please keep in mind that it is a RESPA violation to "force" a borrower to use a particular lender, title company, etc. The borrower has the absolute right to use whomever they like. However, the Lender is more likely to enter into a purchase contract if they have prequalified the borrower. It's ok to get prequalified by the bank, then you can choose who you want to use for financing, the lender or the Credit Union in your case.

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Here is my situation... my loan officer no longer works at the bank from which i got my pre-approval from. he said that he can transfer my information to a coworker who still works at the bank, or if i wanted to, i can reapply with him at his new bank. he has been extremely helpful but my concern is that the new bank where he now works at is a smaller bank. he said that he can still get me an approval. should i stay with the bigger bank? can i have 2 preaaprovals? is it illegal? is it a moral thing (like having 2 real estate agents)?

I would just stay with the same bank as you said its larger and pre approval's aren't always easy if you have it just keep it... also it hurts your credit every time it gets pulled and if you go to another bank they will have to pull credit again.. I would stay where your at.. and no need for 2 pre approvals.. good luck!

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Do they have you just fill out a form, and then they run a credit report? do they tell you at this time what your interest rate would be? also, how much does it cost for this process? thanks.

That's easy, go your bank. They'll tell you everything you need to know.

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I haven't found a place to buy yet, and it is unlikely that i will before it expires. i know that i would have to get a new pre-approval letter when i do find something, but does that mean the rate will change on the new one to whatever the current interest rate is? is there any way to extend my current pre-approval letter or keep the rate that is on this one? thanks in advance for any advice!

Your letter did not guarantee you an interest rate. That's a common misunderstanding. You will be allowed to lock in an interest rate as soon as you have an accepted contract. Don't even worry about the letter at all. There are 150 mortgage companies that are desperate for your business if you have good credit. There is one way for you to guarantee an interest rate. SOme banks will keep today's interest rate for you for 90 days for $1,800 paid upfront and nonrefundable . No one ever does this because it's so expensive. Ask how much a 6 month lock would cost you. It's fun to know.

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We just got a pre-approval from 2 online mortgage brokers. a realtor we just spoke to had us apply for a mortgage through a bank. she said that the online mortgage broker wouldn't have even checked our credit score. (one of them took our credit info and only then approved us) so, if we are approved by the mortgage broker for a loan, is it real? or is it just them trying to get our business, and then we may still get denied? i'm really nervous about all this. thanks.

Your real estate agent might be worried about the authenticity of it, because you went to an online mortgage company, instead of going to one in person and actually dealing with someone face to face. I believe that dealing with a mortgage company face to face/in person is better because they will give you multiple offers for different banks. That way if one bank falls through at the last minute, you can have a secondary and tertiary back up plan if need be. Your bank is only giving you that one offer, and if something happens in the mean time and they say that 'now your not qualified' or they changed the criteria, then you dont have anything to back up with. And when your getting ready to purchase a house that you abosolutely love, its quite crushing. During the time that your getting pre-qual from banks for mortgages, I believe its 14 days that you can get as many pre-quals as you want and it only counts toward your credit once, instead of each time.I'd get as many as you want to make sure that no matter what you dont lose the house. Especially now, witht the market, the banks seem to be doing what the want, and changing things at the last minute. Hope this helps and good luck with the new house!

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I'm just starting the home-buying process. can/should i get multiple pre-approvals from different banks to see who would offer me the "best deal", or do i have to pick one and stick with it. it seems that they can only talk in general terms (which is understandable) until you start the actual loan process, running a credit score check, etc. however, i know that you don't want to check your score too many times in one time period because that will lower your score. so...how do actually know how to choose the mortgage person/bank to go with? i really appreciate any insights or advice...thanks! :-)

Get 2 or three from reputable banks if you don't qualify for an FHA loan. When you present an offer that has two pre-approvals from reputable banks that will put your offer up a notch in the sellers eyes. Someone who is offering 5k more with one approval from a Country Wide/Bank of America isn't a good buyer. They may get to the closing and have no financing. Be very sure that you can afford the taxes, insurance and maintenance on the home you wish to buy. If you are paying 1000k a month rent that does not mean you can afford the same amount in a mortgage. Just please don't buy beyond your means. My hubby and I just bought a foreclosed home for 100k less than it is appraised for because these people bought more than they could afford. We could not afford this home if it wasn't foreclosed on. It worked out great for us but I feel bad for the family that lost such a great home, even if it was there own mistakes that caused it. They did not have a bad loan. They had multiple loans to afford the place and just couldn't keep up. Good luck!

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