We just saw the fall out from a large crack down on companies that were writing loans that should never have been written. One such company is one we all know in Cleveland. This reminds me of a saying my father always said: "Just because you could, doesn't mean you should."
As Realtors when buyers come to us with an already approved letter from a lender, it's a mixed blessing. We want to work with approved buyers, but if we have never worked with that lender before we don't know if the words on that letter hold any weight! Especially with all of the internet lenders out there. Last year I had a deal that almost fell apart because of the lender. And this year I DID!
So, if your Realtor suggests you talk to other lenders just to get another opinion - it can't hurt! You may get a better deal and you may not. In the case this year, the lender I recommended to the buyer couldn't beat the deal they had with the lender they sent $500 to, but in the end (4 days before closing) that lender couldn't do the deal anyway! So just how good of a deal was it?