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Q: Can I apply with two different Mortgage lenders simultaneously? ( No Answer,   2 Comments )
Question  
Subject: Can I apply with two different Mortgage lenders simultaneously?
Category: Business and Money > Finance
Asked by: davismichael-ga
List Price: $10.00
Posted: 27 May 2005 07:03 PDT
Expires: 28 May 2005 08:18 PDT
Question ID: 526262
Can I apply with two different Mortgage lenders simultaneously?

MY SITUATION:
My credit union denied my home loan 6 business days before we are due
to close. Several other lenders say they can help me, but I'm afraid
to put my faith in just one. Is it ethical, legal or just crazy to
apply with more than one. I must make this loan happen and need your
advice.
Answer  
There is no answer at this time.

Comments  
Subject: Re: Can I apply with two different Mortgage lenders simultaneously?
From: elwtee-ga on 27 May 2005 08:56 PDT
 
apply to as many as you want. they are competing for your business.
places like lending tree base their business on having a network of
lenders to show your application to and getting you more than one
offer. places like ameriquest, a massive sub-prime private lender,
will give you a thumbs up or down in minutes of the time you supply
some basic information. just understand who you are talking to and
what costs are associated with the applications and loans.
Subject: Re: Can I apply with two different Mortgage lenders simultaneously?
From: myoarin-ga on 27 May 2005 09:35 PDT
 
Right!  Of course you may.  If you are in a larger city, you might
stick to local lenders, simply for the mechanics of getting signatures
on docs.

Maybe a real estate guru could suggest how you could discuss getting
an extension of the closing date, the agent on the sale if no one pops
up here before the weekend.
The seller and the agent don't really want to start all over again, so
an extension should be a possibility.

As you can read below, this is no professional or legal advice.

Good luck!

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