more preapproval questions...sorry

thanks guys for responding to my many questions.....anyway once one bank preapproves you and you bid on something can you ultimately go with someone else with a better rate?

Re: more preapproval questions...sorry

you could, hence why its smart to check out multiple banks.

Re: more preapproval questions...sorry

thanks i knoiw i sound dumb but this is all new to us

Re: more preapproval questions...sorry

Best bet is to visit a few banks at first and ask them point blank what their interest rates have been over the last month.

This will start them explaining what benefits they offer their consumer.

I went with HSBC b/c I knew that my mortgage would NEVER be sold to another bank b/c HSBC will never default/close down, and I do all my banking thru them, and I trust them.

Some of my friends have used federal credit unions and gotten better rates about .25% or less than what I got, but it wasn't worth it to me.

Re: more preapproval questions...sorry

Yes, you really should look into the mortgage before jumping in with anyone..find out all the fee's application fee, points, etc....What there title insurance company charges...Title insurance is regulated by NYS but they add in fees that maybe cheaper if you use someone else. We ran into trouble with the title insurance becuase our lawyer told us it's NYS regulated well we looked into it deeper and it is but the title insurance company adds so many fee's we saved $2000 in fee's by threatening to fire him! I am not sure who usually choses the title insurance company the lawyer on bank since I used my banks lawyer...her rep. the bank and me.