Hi Guys,
Looking to apply for a mortgage. In an attempt to get the best rate, and the highest loan amount, I'm hoping to apply for a pre-approved loan from 2 friends, both who are mortgage brokers.
Should I expect any issues or hits to my credit rating for this?
Other tips welcomed.
Thakns
Probably will be a hit to your friendship on the one you don't take.
Other tips welcomed.
Ask your mortgage broker
This is a terrible idea.
Why would you apply for more than one preapproval?
Why would you use more than one broker?
I'm a mortgage broker, if one of my mates did this we would no longer be mates. You understand a preapproval takes the same amount of time as a full application but the broker doesn't get paid unless you proceed to purchase using that preapproval?
I don't understand why you would chase more than one pre-approval?
(a) you use a mortgage broker to advise you on the best rate available for your particular situation
(b) you then seek pre-approval from the financing source with the best rate
To repeat - why would you need to seek more than one pre-approval?
The above questions/issues aside, what sort of mortgage broker friends do you have that cannot advise you on the best course of action ?
A pre-approval doesn't guarantee or lock you that rate. Are they helping you, or are you helping them? Looks like they just see $$$ in you imo.
hits to my credit rating will be there