Garnering Offers From Multiple Lenders With One Appraisal

[Josh Smalley]

Quick question as I've never done this before. I'm starting the process of applying with a few lenders for various products (HELOC, 2nd mortgage, refinance, etc.) that can help me take equity out of a rental property so that I can repurpose that money for another investment.

How do I manage the appraisal process? Do I just start with one lender, set up the appraisal, and then make sure the other lenders agree to this particular appraisal? Obviously I don't want multiple appraisals going on what with tenants in there right now and the costs associated. Or do I try to get everyone on board at the same time to approve of the appraisal (agree on the who and the when, for example)? I've never had to orchestrate this process.

Also, is it best to let your lenders know that you are shopping around to keep them a bit honest/competitive, or is it best to keep that information on the low down?

Thanks in advance.