How many lenders should I send my app to?

[John Paul Whaley]

I am hoping to get pre-approved here in the next week and I am calling various lenders to see what type of product they offer. I have spoken with a few firms who would structure my first few loans as if they were a traditional lender, and then would offer their portfolio product once I hit a certain limit. I think this sounds like the best product for me, as this is for my first investment and I don’t really need a portfolio lender yet, but might at some point down the line.

My question is, how many lenders should I send my application to? Is there any harm in sending it to 5 or 6 different firms? Is there any reason I should keep that number closer to 2 or 3? Any advice would be appreciated. 

Thanks in advance.