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Can I apply for mortgage with two lenders?

Started by stevenlee21
over 12 years ago
Posts: 88
Member since: Mar 2013
Discussion about
I got quotes from a few of lenders few weeks ago. Eventually I went for a lender because he has a low rate and is a referral of my agent. Currently I am expecting the contract from seller in a few days. As you know, the mortgage is changing daily. The question is, once I formally start my application, and get another quote (ready to lock) from my current lender. If I am not happy with this quote, is it OK to apply for another lender? is it ethical?
Response by jimmcp
over 12 years ago
Posts: 58
Member since: Jul 2009

Honestly this is more common then you would think. The downside risk is paying for two appraisals. The upside risk is getting a substantially lower rate if the market goes down.

Just be honest with the person that you are working with and tell them what you are trying to accomplish and it shouldnt be an issue.

Jim McPartland
646.556.0207
james.mcpartland@bankofamerica.com
NMLS: 614743

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Response by stevenlee21
over 12 years ago
Posts: 88
Member since: Mar 2013

thanks, jim

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