does it matter where i get a lender's pre-approval letter from?

DH got bit by the housing bug, and I think we may start looking sooner than we planned. I know lots of RE's ask about pre-approval. Of course, if/when we find something, I am going to shop around for the best lender. But do I need to worry about that now? Can i just get a pre-approval letter from our current bank and then figure out the rest later.

pros? cons?

Thanks!

Re: does it matter where i get a lender's pre-approval letter from?

You can just get your pre-approval from whoever you want now and shop around later. You don't have to get your mortgage from the bank who pre-approved you.

Re: does it matter where i get a lender's pre-approval letter from?

You can get a preapproval from any lender and then later decide to apply for a mortgage with another lender. A preapproval doesn't lock you in.

There's no downside to doing that, except that I think it benefits buyers to cultivate a personal relationship with a mortgage professional that can consult with them and guide them through the process. The financing is an important key to any real estate transaction, and I think it's worth more than just a few questions over the phone and issuing a letter like many mortgage people do. It's important to know not just how much money you can borrow, but also be educated on the different loan products available to you, what your monthly payment would likely be at different price points (factoring in whether you need mortgage insurance, what rate you would qualify for, etc.).

The mortgage person I recommend will issue a preapproval based on a phone conversation, because people may need it quickly, but he always schedules a follow up consultation with the buyers.

Let me know if you need any recommendations. In general, I believe buyers get better and faster service from specialty mortgage banks such as U.S. Mortgage Corp., Continental, and Academy Mortgage.

Good luck with your search (let me know if you would like some help)! I would be happy to assist you, even just to answer some questions and get you started.

does it matter where i get a lender's pre-approval letter from?

We got a pre-approval from Chase but ultimately used Cliffco Mortgage Bankers to get us the best rate, etc.

does it matter where i get a lender's pre-approval letter from?

Yep, anywhere. We used MCU because I was a city teacher and had an account there and the simple act of getting a preapproval was enough of a disaster to steer us elsewhere when getting the actual loan.