How did you pick the bank that you got your mortgage through?

I just called one of my banks and they told me to just gather all the necessary info and they could do it over the phone then fax/mail me the preapproval notice. Now, how do I know which one is the best bank to go with? Don't banks have something to do with closing costs and stuff? what if during the pre-approval period I find a bank with a lower rate can I get pre-approved with them also? This is so confusing! I always heard you should shop around but how can you get pre-approved at all these banks? Thanks for the help!

Re: How did you pick the bank that you got your mortgage through?

You're right. Any bank should send you a 'good-faith estimate' of the closing costs. Each bank does vary and some have application charges, while others don't. Shop around. I went with the best rate combined with closing costs estimate the first time, and when I re-financed I went with a different bank because their rates were better at the time.

Re: How did you pick the bank that you got your mortgage through?

we plan on getting pre-approved with one company only because we don't want too many inquiries on our credit as that can affect the score. having one in hand should be fine and then we will state to the other companies that we are approved (even show it to them) and will only entertain other options if they provide us with information.