I am planning to buy my first house in the near future. Have a few questions about the buying process. From my understanding, the pre-approval rate that you get may not be the same as the rate you get when you are actually approved. You may receive a lower rate once your offer on a house is accepted and you are applying for a mortgage. 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, if I choose to go with a three year fixed rate <http://www.mortgagesmortgages.ca/rate-types/fixed-rate-mortgage/three-year-fixed-rate/> would that be a good idea or should I go with the variable rate?
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