114: Rookie Reply: Should I Get Preapproved From Multiple Lenders?
Real Estate Rookie
Shownotes Transcript
This week’s question comes from Roosevelt) on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. **Can you be preapproved with multiple lenders at once? **And are there any issues I could run into with this?
It’s commonplace in the real estate investing world to be preapproved)** by multiple lenders**, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker) that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls) as a singular instance.
Here are some suggestions:
Get preapproval from multiple banks (small, local, national, etc.)
**Apply within the same thirty day period **to minimize effects on your credit
**Use a mortgage broker **to save time when applying for loans
Ask what the lender has to offer, they may have custom loans for investors)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group)! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group)
Real Estate Rookie Youtube Channel)
Check the full show notes here: https://www.biggerpockets.com/rookie114
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