How many loan applications should I submit?

[Daniele Rosman]

I'm new to real estate investment and have spoken to a few lenders. I had thought that I should send applications to quite a few to get the best rates/offers, but one lender told me I should just pick 1 or 2 and apply to those. Is there a reason to limit the number of quotes? My agent told me that if you submit a few applications within 1 week, you won't get charged for multiple credit checks because the credit agencies count it as 1 (they see that you are looking for a loan). Thank you!

[Stephanie P.]

Originally posted by @Daniele Rosman:

@Elise Marquette

@Justin Phillips

Thanks so much both of you!

Daniele

Once you know your middle credit score you should be able to get a quote from just about anyone.  Tell them your score and your situation and have them run it in their pricing engine.  You should get a straight answer.  If you don't move one to the next lender.

Also, if you have multiple inquiries, a simple letter that says, "To whom it may concern, I am shopping for a mortgage and looking for the best rate and terms.  I didn't take out any additional loans and no additional debt was incurred as a result of the inquiries. Sincerely, Daniele" and the underwriter's condition goes away.

Hope that helps

Stephanie