Can (and should) you get multiple mortgage pre-approvals? (2024)

Can you get more than one pre-approval at a time?

When it comes time to buy a home, getting a mortgage pre-approval should be your first step. Getting a pre-approval for a mortgage means a lender has checked your information and “approved” your application to borrow up to a certain amount. With that being said a pre-approval isn't a guarantee, and you’ll still go through a qualification process that will verify all the information you’ve provided.

What happens if you’re considering multiple lenders or want to keep your options open? Can you get multiple mortgage pre-approvals at the same time?

The answer is yes!

See Also

How to Qualify for a Second Home Loan

You can have multiple pre-approvals at the same time, in fact it’s often a smart move. There is technically no limit on the number of pre-approvals you can get which makes shopping around with different lenders a no-brainer.

Here are some of the reasons you might want to get pre-approved with multiple lenders:

Comparing offers: When you go straight to your bank to get a pre-approval, there’s little incentive for them to give you the best mortgage terms. On the other hand when you shop around with a mortgage brokerage like Perch, lenders are essentially competing against each other for your mortgage. If you already have a pre-approval from one lender, you only stand to gain from shopping around and getting pre-approved with more favourable terms.

Negotiating power: When putting an offer on a home, sellers like to see that a buyer is prepared and has the proper financing to back their purchase. Having a pre-approval from multiple lenders could help you make a stronger offer on a home.

Keeping your options open: The real estate and mortgage market can be unpredictable. Whether one lender withdraws their pre-approval, or you want to get pre-approved for different terms, having alternatives ensures your home buying plans are interrupted by unforeseen setbacks. Common reasons for a lender withdrawing their mortgage offer include a secondary check where something was flagged such as undisclosed debt, or the offer expiring.

Confidence: The real estate market can move very quickly and you want to have the confidence that you will be able to secure financing when you find the perfect house to submit your best offer.

Sign up for Perch and get pre-approved in as little as 20 minutes with the guidance of one of our Expert Mortgage Advisors.