I'm already pre-approved
Keep shopping when you're pre-approved. Handle lender pressure to stop comparing mortgage offers after getting pre-approved.
What You'll Learn in This Chapter
- Why having a pre-approval does not lock you into using that lender
- How to use your pre-approval as leverage while continuing to shop for better terms
- Scripts to maintain your shopping position when lenders question your commitment
You mention to a new lender that you're already pre-approved with another lender. Instead of respecting your decision, the lender responds: "Are you getting the best deal? Because being pre-approved doesn't mean you're getting the best rate or terms."
But, here's what's really happening...
"Are You Getting the Best Deal?" is a two-sided tactic. New lenders use this question to undermine your confidence in your existing pre-approval, creating doubt so you'll shop their offer. Your original lender benefits from you believing that pre-approval equals commitment, discouraging you from shopping around.
As a shopper, your counter-process is to treat pre-approval as the starting point of shopping, not the end point. A pre-approval letter gives you house-hunting credibility, but it does not commit you to any lender's final terms. When lenders question your pre-approval, they're revealing that rates and terms are still negotiable—which means you should be comparing written Loan Estimates.
Now that you understand the tactic, let's look at how most people fall into the trap.
➡ How People Get Trapped
Most people respond with:
I'm already pre-approved, so I'm probably just going to use that lender.
Don't do that.
When you signal commitment to your pre-approval lender, you've eliminated your own leverage. Your original lender knows you're not actively shopping, so they have no incentive to sharpen their pricing. New lenders know you're psychologically committed elsewhere, so they won't invest time in competitive offers. You've locked yourself into uncompetitive terms.
Pre-approval is for sellers, not lenders.
➡ What You Should Say Instead
I appreciate that you want to help me get the best deal. I'd like to compare offers from a few lenders, including my current pre-approval. Can you provide me with a written Loan Estimate so I can include you in my comparison?
Here's why this is the right approach:
- Clarifies that pre-approval does not mean commitment to final terms
- Signals that you're actively shopping and comparing multiple lenders
- Redirects to written documentation for fair comparison
- Keeps both your original lender and new lenders competing for your business
The script treats your pre-approval as one option among several, which is exactly what it should be.
➡ See The Mortgage Script in Action
➡ Key Takeaway
Pre-approval gives you credibility with sellers, not commitment to lenders. Keep shopping for the best Loan Estimate even after you're pre-approved.
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