How Many Mortgage Pre-Approvals Should I Get?

How Many Mortgage Pre-Approvals Should I Get?

There are various strategies which you can use for securing the best deal when you are buying a home. One of them is to use mortgage pre approval. It can help you immensely in more ways than one. The major question is how many pre approvals you need to obtain in order to enjoy these benefits. Use this detailed guide to get the answer which you require.


Understanding Mortgage Pre Approval

Getting pre approved for a home loan means that the lender will issue a letter saying that they irrevocably to grant you a loan under set terms and conditions. The commitment of the lender is based on a thorough evaluation of your income, assets, credit score and history and current debt. The letter is typically valid for 60 to 90 days.

It is important to note that usually you do not have to pay anything to get pre approved mortgage. Most lenders do not charge for this. If you are asked to pay a fee, it will most certainly be extremely low.

You have to keep in mind that prequalifying for a mortgage is not the same as pre approval. With prequalification, the lender makes an estimate based on the financial and credit information which you provide to them. They confirm that you are eligible for taking out a loan, but they do not make any commitments whatsoever.


With home loan pre approval, you get a great bargaining power when it comes to buying a loan. Property sellers will not only take you seriously. They will be ready to negotiate with you and you can actually get a lower house price and/or lower closing costs. You will be able to close the deal quickly and move into your new home sooner. It certainly pays off to get peace of mind and great bargaining power especially given the fact that there is no or little extra cost involved.

The Right Number

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The reality is that you need only 1 pre approval. There is no need to get more. This is what all experts in the industry agree on. The reality is that being pre approved for more than one loan will not increase your bargaining power further. You do not have to be approved for a 30-year mortgage and for a 15-year program at the same time to be a welcomed home buyer. At the same time, if more than one lender runs a credit check on you, this may damage your credit score. You would not want this to happen just for the sake of getting another pre approval which will turn out to be useless.

Before You Get Pre Approved

The most important thing is to do your due diligence before you get a mortgage. Take your time to compare as many home loan products as possible so that you can pick the most perfect one for you. Make up your mind before you make any further steps. It makes sense to speak to three or four loan officers that have been recommended to you by people who you know and pick the one offering the best customer service and the greatest personal attention. You need to work with a person who is committed to working with you and is willing and able to provide all the assistance which you will require.

You should be prepared to provide the information required by the lender. Typically, lenders require proof of income, proof of assets, your credit score and employment verification. They will also need a copy of your ID card or driver’s license and your Social Security number.

You need to initiate this process only after you are certain that you can qualify for a mortgage and get pre approved. Use a mortgage qualification calculator and other tools and perform the required analysis to ensure that you will not waste the opportunity available to you. Once you are certain in your chances, you will have peace of mind when you apply for a mortgage.

The assessment of your financial standing should not take more than 2 to 3 days. Once you get pre approved, the letter will be issued right away. Check whether the lender will renew it automatically if you do not find a house within the set period. This is important since another credit check can have an adverse effect on your credit score.

Overall, you should get only one pre approval and ensure that everything is perfect.



Mailynne serves as a content strategist and writer for She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.


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