Should I Get Pre-Approved From Multiple Lenders? | Rookie Reply

Should I get pre-approved from multiple lenders? If so, will this have an effect on my credit or negate my other pre-approvals?
This is what Roosevelt on the Real Estate Rookie Facebook Group is asking this week. It’s a great question that many first-time investors don’t know the answer to.
It’s commonplace in the real estate investing world to be pre-approved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on their behalf. If you’re worried about your credit score dropping because of pre-approvals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance.
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Pre-Qualifying vs. Pre-Approved: Know the Difference or Lose the Deal 👇
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Episode 114
Show notes at: www.biggerpockets.com/rookie114
00:00 Intro
04:36 Can You Get Pre-approved More Than Once?
07:36 Use a Mortgage Broker
10:17 Ask What Lenders Have to Offer

[@CV-nn7jj]

Keep in mind that not all lenders are the same. Different loan products, different states where they are licensed at, and different reputations. I have two different lenders for two different purposes. I have two additional backups lenders if these two don’t fit the bill anymore.

[@emmanuelsurf]

Great information! Thank you

[@FieDeep]

I needed this 😊

[@allentracy5794]

When I first started I wanted to get pre-approval letters from 3-4 lenders just to see what I could get approved for and to start making offers. Then months later I needed to get updated letters so I went out and got more pre-approval letters. Once I was under contract on a property I had to explain all the inquiries to the lender I ended up going with. My credit definitely took a hit because of all those inquiries. Maybe getting a pre-approval from two lenders once isn't that big of a deal but I would be careful about getting too many too often.

[@DaGenius86]

How man u did, roughly?

[@allentracy5794]

@@DaGenius86 I got three the first time and then two the second time.

[@DaGenius86]

@@allentracy5794 ok I c. So there's no truth to doing it all in a set time frame and being ok with no hit to the credit score like stated in the video? Do u think it's best to go to a mortgage broker or just to a lender(s)?

[@allentracy5794]

@@DaGenius86 I don't know for sure. What I do now is call around to get rough quotes over the phone, pick one that I want to go with, and get just the one approval letter from them.

[@EliteClinicalResearch]

Great information. Let bankers do what bankers do