How to "shop around" for best mortgage rate
So, do you apply for a few mortgages after your offer has been accepted by the seller? Would you just contact a few mortgage brokers and ask them the best rate they can give you after your offer on the house is accepted? Are there any penalties if you are already approved from one lender but don't go through with it because you found a lower rate elsewhere? Is there any point in going to multiple brokers for pre-approval?
Also, would pre-approval have a hit on your credit score, and then another hit when you are actually approved?