The one preapproval mistake smart buyers still make, and how to avoid it before you write an offer.

Here's a myth I hear all the time from buyers: "If I talk to more than one lender, I'll wreck my credit score." So they call one bank, take whatever number they're quoted, and move on.

That habit is expensive. Research from Freddie Mac found buyers could save roughly $600 to $1,200 a year just by applying with more than one lender.

Shopping lenders isn't a mistake. Skipping it is. Let's break it down.

What the research shows

• 2 quotes could save buyers up to about $600 a year on their payment

• 4 or more quotes pushed potential savings past $1,200 a year

• 30% of buyers who skip shopping say they're worried it will hurt their credit

Why one preapproval usually isn't enough

Lenders don't all price loans the same way. Two lenders can look at the exact same buyer on the exact same day and come back with different rates, different fees, and very different timelines.

That's why I usually suggest my clients talk to two or three lenders. Not to chase the lowest number on a rate sheet, but to find out who can actually get the deal closed without drama.

What you're really comparing

Rate and structure: Same loan amount, same down payment, same day. Otherwise you're comparing apples to oranges.

Fees and points: A lower rate can hide a pile of upfront costs. Line up the official Loan Estimates side by side.

Closing timeline: In LA, sellers often weigh speed and certainty as heavily as price. A lender who can close fast makes your offer stronger.

Communication: Does the lender pick up the phone? Listing agents call lenders before accepting an offer. A slow or vague answer can cost you the house.

The credit score myth, cleared up

The credit scoring models actually expect you to shop. According to FICO, multiple mortgage inquiries made within a short shopping window get bundled together and counted as one inquiry, not five.

Here's the part most articles skip. Newer FICO versions give you a 45 day window. But many mortgage lenders still pull older FICO versions, and some of those only allow 14 days.

So my advice is simple: do all your lender shopping within two weeks. You're covered no matter which model gets pulled, and even a single inquiry typically moves your score only a few points.

What a quarter point is worth in LA

On an $800K loan, the gap between 6.50% and 6.25% is about $130 a month. That's roughly $1,500 a year and more than $47,000 over a 30 year loan. Bigger LA loan sizes mean shopping matters even more here than the national averages suggest.

My take

Preapproval is the foundation of your whole purchase. Get it right and everything after it gets easier, from writing offers to negotiating to closing day. Here's how I'd approach it:

Pick two or three lenders. Mix it up: a local lender, a broker, and maybe your own bank.

Keep it tight. Get every quote within the same two weeks so it all counts as one inquiry.

Ask about underwriting upfront. A preapproval where an underwriter has already reviewed your file carries far more weight with LA sellers than a quick online letter.

Let them compete. Once you have offers in hand, it's completely normal to ask one lender to match another.

Frequently asked questions

Does getting preapproved with multiple lenders hurt your credit?

Not if you do it within a short window. FICO counts multiple mortgage inquiries in its shopping window as a single inquiry, and that one inquiry usually moves your score only a few points.

How long is the mortgage rate shopping window?

Newer FICO versions allow 45 days, but older versions that many mortgage lenders still use allow only 14 days. Finishing within two weeks keeps you safe either way.

How many lenders should I talk to?

Two or three is the sweet spot for most buyers. It's enough to compare rates, fees, and timelines without turning it into a part time job.

Is the lowest rate always the best choice?

No. Compare fees and points on each Loan Estimate, and weigh how quickly and reliably the lender can close. In a competitive LA offer, a dependable lender can matter as much as a slightly lower rate.

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