Personal Finance and Investing

Bev54

(11,962 posts)

3. I was a mortgage broker but in Canada so I will give my perspective from here

Mon Nov 29, 2021, 08:08 PM

Nov 2021

Most places will provide you with a pre-approval up to the maximum that you qualify for but that does not tie you into any specific amount. You must be careful because there is a difference between a pre-approval and a pre-qualify, which is often granted instead. They do not always look kindly to you shopping several, especially if it is a full pre-approval and not a qualify. It will show you shopping on your credit report if you are asking for a full pre-approval. You can shop different lending companies and banks for their terms and rates etc, without any credit score being obtained and then you should choose the lender and get a pre-approval.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

15 replies

= new reply since forum marked as read

Highlight:

Applying for a mortgage [View all] Takket Nov 2021 OP

Do you have an real estate agent? multigraincracker Nov 2021 #1

not yet but i don't want to be blindsided by anything........ Takket Nov 2021 #8

Yes get preapproval. we can do it Nov 2021 #2

I was a mortgage broker but in Canada so I will give my perspective from here Bev54 Nov 2021 #3

so i should "prequalify" with multiple places, but only preapprove with one? Takket Nov 2021 #7

Yeah perhaps a few, unless of course you have a mortgage broker doing the work for you Bev54 Nov 2021 #11

You can get a rough idea of where rates are online anonymously Shermann Nov 2021 #4

Rates are not always the only thing to be looking for, terms and pre-payment options Bev54 Nov 2021 #12

My experience is the bank will loan a person too much money for the person to be comfortable questionseverything Nov 2021 #5

On number 2.: Baked Potato Nov 2021 #6

I went to my bank and qualified formy home loan. Delmette2.0 Nov 2021 #9

Let the bank tell you how much you qualify for... dixiechiken1 Nov 2021 #10

Another suggestion is to check with credit unions. Desert grandma Nov 2021 #13

Mortgage broker Lulu KC Dec 2021 #14

mortgage Islandsportivo Feb 2022 #15