who to get mortgage pre-approval from

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28fe6
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who to get mortgage pre-approval from

Post by 28fe6 » Wed Dec 04, 2019 5:08 pm

I'm thinking about house shopping since my rental lease is coming due soon.

I assume I should get a mortgage pre-approval going. But how do I decide WHO to get mortgage pre-approval from? There's hundreds of companies online. Is there a Boglehead preference?

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JoeRetire
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Re: who to get mortgage pre-approval from

Post by JoeRetire » Wed Dec 04, 2019 6:24 pm

You have to shop for a mortgage, just like anything else.
Don't be a lemming.

9liner
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Re: who to get mortgage pre-approval from

Post by 9liner » Wed Dec 04, 2019 6:26 pm

Very happy with a recent refi with Aimloan. They’re rates couldn’t be beat and the process was straightforward.

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grabiner
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Re: who to get mortgage pre-approval from

Post by grabiner » Wed Dec 04, 2019 9:43 pm

It doesn't matter much where you get the pre-approval (or better, a pre-qualification, which says that, based on the information you gave, the bank will lend you X dollars). You can always shop for a mortgage from multiple lenders once you get approved. But it does make sense to get a pre-qualification from a lender you will at least consider for the actual loan, because that will make things easier if you do choose that lender.

When I bought my home in 2013, I got a pre-qualification from my credit union. When I signed my contract, I checked rates with both my credit union and another one, and chose the other one because it had a better rate for the loan terms I wanted.
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CoastalWinds
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Re: who to get mortgage pre-approval from

Post by CoastalWinds » Wed Dec 04, 2019 9:52 pm

grabiner wrote:
Wed Dec 04, 2019 9:43 pm
It doesn't matter much where you get the pre-approval (or better, a pre-qualification, which says that, based on the information you gave, the bank will lend you X dollars). You can always shop for a mortgage from multiple lenders once you get approved. But it does make sense to get a pre-qualification from a lender you will at least consider for the actual loan, because that will make things easier if you do choose that lender.

When I bought my home in 2013, I got a pre-qualification from my credit union. When I signed my contract, I checked rates with both my credit union and another one, and chose the other one because it had a better rate for the loan terms I wanted.
You’re using the two terms backwards. Pre-approval involves income, debt, and credit verification, and is what a letter that accompanies an offer is based on. Pre-qual is just for general budgeting purposes and is based on unverified numbers that ones provides to a lender.

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