Preapproval letter

[Susan Herschell]

Hi BP community!

I am just starting out in investing in MF rental properties. I am working with a mortgage broker I have worked with for several years in buying two primary residences. I know and trust him and he is VERY responsive and quick to get closings done, etc... I am now working with him on securing a conventional loan for investment properties and his process may be slowing down the process. 

His approach for the pre-approval is to customize each letter unique to the property we are making an offer on rather than one generic letter that pre-approves us up to a specified amount. Although I agree with his strategy that personalizing each offer to the property your are making an offer on will help make in stand out, It can be very time consuming to contact him each time you want to make an offer (and we hope to be making many) to draft up a pre-approval. This also eats into precious time when having to react quickly to a listing, although he insists that he can turn it around quickly. But what if we're needing to make an offer on a weekend or when he is out of the office? 

Anyone else use this same strategy. Is this typical in the mortgage industry? Any pros on cons in doing it this way?