1. Movoto
  2. Buyers
  3. Preapproval & Pre-Qualifications

Should I get preapproved by multiple lenders?

It can feel like you’re the one being judged during the preapproval process, but this is a perfect time for you to evaluate lenders as well. Remember, you decide which lender gets your business, so it’s good to make them compete for it. If they don’t require you to pay an application fee, go ahead and get preapproved with several different lenders. Not only can this work as a bargaining chip when you’re trying to secure a better rate or faster closing time, this can also be prudent in case your primary lender backs out at any time; you’ll have backup lenders ready to go.