Is this a common practice to approve before a bank and a mortgage broker and shop for the best mortgage.?

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I have not decided if I’ll go through my bank or mortgage broker for my loan, I wondered if I had the first two and I am accepted shop for the best deal.

3 Comments
  1. Reply
    DirectLendingPlanet
    May 17, 2011 at 3:34 am

    keep in mind several things rates are climbing now! If you get pre-approved by one place chances are you will get approved with another! the pre-approval is basically for new home buyers (many Realtors wont work with a buyer that is not preapproved!)

    As far as getting the best deal and shopping take you preapproval and find a home then shop for a mortgage. the fact is most brokers are fishing from the same pond and banks are limited by what thier bank offers. find someone that is offering you a good rate and minimal fees.
    there are companies that will give you the absolute best ratea avalible. a 1.5% to 2% fee is acceptable and the lowest rate you can find it is better tp pay a slightly higher fee than to pay a higher interest rate. the fee is one time the rate is over 30 years. becareful af anyone offering you an insanely low rate!

  2. Reply
    alterfemego
    May 17, 2011 at 4:26 am

    Pre approval will afford you the opportunity to write an offer should you find the home of your dreams. Whom you do business with as far as the mortgage is concerned depends on your needs and their programs. (and rates are not going up!) But because we aren’t prevy to your whole financial picture, it is too difficult to advise you either way. I understand the need to save money, but at what cost? Sometime the best deal isn’t the best in the end.

  3. Reply
    godged
    May 17, 2011 at 5:17 am

    Shop for the best deal, then get pre-approved. The pre-approval lets you know what you can spend and strengthens your offer when you make one.

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