Approved Mortgage Loan Not As Much As I'd Hoped For

[Sean Pearce]

So I've applied for my first mortgage ever on an investment property. I have good credit fluctuating between 760 and 790, net monthly earnings just shy $10,000.00, over 2 years in my current profession, no current housing rental costs, $0 in debt, and $70,000.00 in liquid assets and capital. A 'preferred' mortgage broker that was recommended to me looks to only be considering about 71% of what I've asked for to get me into a property of a value that I'm comfortable with including my 20% down payment. 

My question is, will shopping around and applying for another mortgage with a different broker help or hurt my chances of gaining a bigger loan since my credit was already dinged once during the broker's due diligence and another application will likely ding it again?  Also, is this reduction in available credit the result of the mortgage rates going up and what I can expect from most brokers at this time?

I really did not expect to not get my desired amount especially since I did not consider the desired loan amount to be large. It's far below the current median house value of the USA and right inline with the median value of my desired market.

thanks in advance. 

[Joe Fraga]

When applying for a home loan any inquiries within a 30-45 day period will all count as one. It's best to try as many as you can. That way not only will you find the best rate, you will also get to know different lenders and their personalities. Different lenders can do different things.