Updated about 10 years ago on . Most recent reply
Shopping for a lender/bank to provide mortage
Morning BPs,
I am in the market to buy my first SFH - move in for a couple of months and then rent out. Since I'm new and first time buyer I have few concerns. I know BP and it's inhabitants are best to seek information from.
1. Is it recommended for me to reach out to different lenders/banks every day and have them run my credit for a pre-approval? Will this affect my credit score if multiple banks are running report within a short duration of time? - I've already reached out to one of them and got my pre-approval done but I want to shop around for few more days for the best option.
2. The mortage companies are asking me if I would ever rent or buying with an intent of renting out. I'm afraid to say yes fearing they may charge high interest or something else. I don't know why is it important for them to know that.
So those were my 2 main concerns. Please advice and share your experiences dealing with these scenarios.
Wishing you all a good weekend.
Cheers,
Syed Ahmed