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It also gives you an idea of your potentialinterest rateand your maximum purchase price.
Also seethe four best ways to use your bank when you buy your first home.
Shopping around and comparing preapprovals allows you to exploredifferent loan structures and terms.
Get Negotiating Power
Getting multiple preapprovals could also give you some negotiating power with lenders.
If you get just one preapproval, the lender isnt incentivized to compete for your business.
There arepros and consto getting a mortgage from a big bank, online bank or credit union.
Take Advantage of Lender Incentives
Some lenders offerincentives and perksto borrowers who get preapproved.
Some sellers want to see that potential buyers have multiple preapprovals.
Having multiple preapprovals may increase your chances of ultimately getting a mortgage, ensuring asmooth selling process.
If one of your lenders should withdraw their preapproval, youll still be able to choose from other lenders.
Should You Get Preapproved by Multiple Lenders?
While there are many reasons to get multiple preapprovals, youll need to consider potential downsides too.
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