Multiple Pre-approvals?

[Jeff Harris]

Newbie question number eleventeen:
Is there a problem with going to two or three lending establishments to get pre-approved for a loan?
Having never done this sort of thing before, I didn't know if starting the process at one bank would throw up red flags at the other establishments or what.
Is there anything else I need to be on the lookout for?

Thanks to all in advance,
-Jeff

[loans2investors]

If you go to many mortagage brokers they may all run your credit report and the lenders that they choose to put you through to get an underwritting approval may also run there own credit report.

This will add up to several inquiries and each may bring down your credit score which may INCREASE your interest rate and LOWER your LTV.

Plus if your mortgage broker finds out that you are really really shopping for a loan at many many places they may out right deny you because they work by commission and they don't want to work for FREE.

My suggestion would either ask for a referal from a fellow investor or with people on this forum. :SM028: From my understanding you have to have a referal to even sign up on this forum

[Dan Auito]

Jeffrey, you know Michelle is the lender to beat so use her my friend. End of story! :SM117:

[Jeff Harris]

Thank you both for the info.

Dan,
As for Michelle, it's already done. I gave her the steal sign (tug left ear twice, pat knee, swipe chin and touch right elbow) on Monday. She should be on third by now.

Thanks for pointing me in the right direction.

-Jeff