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Rainmaker
4,601,144
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

all you need is one legitimate pre-approval by one lender..... if you have credit issues, you should have at least one backup system.... 

Dec 04, 2018 11:21 AM
Ambassador
1,572,564
Alan May
Coldwell Banker Residential - Evanston, IL
Helping you find your way home.

As a buyer, there's no advantage to getting preapproved by more than one lender.  There's nothing wrong with "shopping" different lenders, but you don't need more than one preapproval.

Dec 04, 2018 11:14 AM
Rainmaker
2,717,481
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

You don't need more than one pre-approval. But when it comes time to decide on a lender you might just want to shop around a bit.

Dec 04, 2018 11:32 AM
Rainmaker
699,591
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Pros - might get a better or faster deal, work with someone you trust more or who is more proactive. Cons - your sensitive information might get more exposure than you like and your credit will be run more, possibly affecting it.

Dec 04, 2018 11:32 AM
Rainmaker
624,968
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You are absolutely fine to post anonymously, nobody should bother you. To answer your question, ONE PQ by one lender should be sufficient.

Dec 04, 2018 03:23 PM
Rainmaker
2,674,644
Richard Weeks
Dallas, TX
REALTOR®, Broker

What is the difference between a con and a drawback?

Dec 04, 2018 11:14 AM
Ambassador
2,892,623
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

No need to go through the full pre-approval process, you're 'just looking' at this juncture.

When you find the lender that best suits your needs and you feel you would like to work with, THEN that lender will work with you to get your pre-approval done.

Good luck!

Dec 04, 2018 01:10 PM
Rainmaker
2,695,453
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Nothing wrong with shopping rates - yet never forget the level of SERVICE you will get with whomever you choose. You want someone who will be on top of the loan, preferably a direct lender that will get you underwriting approval before you make an offer. 

Dec 04, 2018 11:38 AM
Rainmaker
2,541,517
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Interesting!

Dec 04, 2018 02:23 PM
Ambassador
1,512,163
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The drawback is there is no reason to do this. You have a pre-qualification since it isn't a pre-approval until final undewriting and you can always change. Use the KISS method instead.

Dec 04, 2018 02:17 PM
Rainmaker
4,959,019
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

One trusted local loan officer is enough. 

Dec 04, 2018 01:46 PM
Ambassador
2,284,984
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 See the answer from Olga Simoncelli 

Dec 04, 2018 01:35 PM
Rainmaker
4,044,727
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I thing that Olga Simoncelli gave you a wonderful answer.  A

Dec 04, 2018 11:36 AM
Rainmaker
1,421,655
Bob "RealMan" Timm
Tivoli Custom Homes - Minot, ND
Bob Timm, Project Coordinator for Tivoli Homes

I'm not aware of any negitives HOWEVER I'd limit my "bunch" to 3.

Dec 04, 2018 11:27 AM
Ambassador
2,092,348
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Here, we must give a list of 3 names.  No cons as long as you can qualify to purchase a home and hopefully someone you know and trusted has referred you to reputable, experienced professionals.

Dec 04, 2018 11:04 AM
Ambassador
3,783,832
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

You only need 1 pre-approval, but it could pay to shop around for the loan.

Dec 04, 2018 03:49 PM
Rainmaker
653,337
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It's always good to have a backup plan

Dec 05, 2018 05:18 AM
Ambassador
2,811,846
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

talking with multiple lenders is a good idea, but pick one, ask your agent if you've picked wisely and get them to make a list of recommendations... but one pre-approval should be plenty.

Dec 04, 2018 09:04 PM
Ambassador
3,725,363
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Why more than one, did your agent suggest this?

Dec 04, 2018 08:26 PM
Rainer
50,468
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

As a Mortgage Banker with 50 years in the business, If I knew you were looking to get TWO Pre-Approvals, I would not do it and would not want to do business with you. What you are saying that after I get an application, run the credit, look at Tax Returns and do the Debt Ratios, you could care less if they use me or not. So are you OK with your buyer looking at the same home with two Realtors. So Anonymous, you can stay that way with me. 

 

Dec 04, 2018 07:58 PM
Rainmaker
3,043,999
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

 Perhaps someone doesn't "trust" your "pre-approval"  letter/certficate. As a buyer ask yourself who doesn't believe me or doubts my ability to close a transaction. Do you feel you are being treated fairly/equitably?  There may be a reason.  Just something to consider. Good  luck.

Dec 04, 2018 03:31 PM
Rainmaker
2,930,767
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

One pre-approval is all you need. Do your homework and pick a lender!

Dec 05, 2018 04:40 AM
Rainmaker
4,312,621
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Dec 05, 2018 04:10 AM
Rainmaker
1,295,949
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

When you submit an offer on a home, you will only need to submit it with one pre-approval. 

Dec 05, 2018 03:33 AM
Rainmaker
589,570
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It is a good idea to shop. You might not hit it off with the first lender to whom you speak. Rates, programs may be different. Only one fully underwritten pre-approval is necessary from whomever you chose.

Dec 04, 2018 07:53 PM
Rainmaker
917,798
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

I hope you get a loan soon!

Dec 04, 2018 06:24 PM
Rainmaker
2,821,933
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Choose one trusted and local lender. All lenders are nearly the same in rates and closing costs. What differs is service. Pick one and stick with them

Dec 05, 2018 05:29 AM
Rainmaker
917,810
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

It used to be a buyer brings in preapproval letter from each major lender for reo sale. If it is not an out of town approval computer generated sorry no matter how high the offer is.

Even today some listing agent insists another loan agent reviews their qualifications but do not have to use them.

Dec 04, 2018 09:36 PM
Rainmaker
3,850,305
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Credit report should be the same nomatter who runs it.  Show others lenders the print out and adk then what they think

Dec 04, 2018 06:49 PM
Rainmaker
39,244
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

LOL

Dec 04, 2018 06:00 PM
Rainmaker
3,828,424
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would inquire through a few lenders, but to do the full pre-approval, would only go to one.

Dec 08, 2018 11:02 AM
Rainmaker
2,845,897
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

just do not do more then 3, your fico score could go down.

Dec 06, 2018 01:00 PM
Rainmaker
1,155,246
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Double the application costs and fees.  On the bright side, if they know they aren't the only one you're looking at, they might be more competitive.  I've seen buyers have a second lender in their back pocket if the first one couldn't perform... usually on more complicated loans.

Dec 05, 2018 08:54 AM
Ambassador
847,016
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Waste of time if your first preapproval is done properly.  If you  have a great lender that you trust knows what they're doing, a 2nd preapproval is just going to be extra time spent for you and some poor soul that'll be workin' for free.

 

Rate and program shopping is one thing, but you can do that outside of the preapproval process as long as you know your credit score, down payment, etc.

Dec 05, 2018 08:51 AM
Rainmaker
4,630,120
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

There should be no problem with this.

Dec 05, 2018 06:30 AM