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Updated about 5 years ago on . Most recent reply

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Darren Chang
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64
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Applying to Two Mortgage Lenders at the Same Time?

Darren Chang
Posted

Hi, would people recommend to apply with two mortgage lenders at the same time? I searched online for this topic and found the opinions split 50-50. On the pros side, I can compare rates and costs until the moment I need to lock the rate. On the cons side, I need to pay twice the appraisal fee, and might hurt my credit score. What do people with real estate in this area recommend?

Thanks,

Darren

Most Popular Reply

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Chris Mason
  • Lender
  • California
10,788
Votes |
9,934
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Chris Mason
  • Lender
  • California
ModeratorReplied

If only there was some profession that could collect your info once, pitch the scenario to several dozen lenders all at once for their rates, fees, turntimes, service levels, etc, and if only people in that profession got preferred wholesale pricing that beats what retail consumers calling directly get from those exact same banks. :P

Note that bankers aren't brokers by definition, post-meltdown when the entire mortgage world was restructured and brokers temporarily dropped from ~30% to 0.1% market share, most consumers and half of the Realtors out there don't know the difference. Quick litmus test that's 90% accurate, just ask "hey what do you think of United Wholesale Mortgage?" - a broker will have an opinion, a banker will be like "who?" Another 90% accurate test, "Are you W2 or 1099?" - nearly all brokers are 1099, just like Realtors (W2s come with 401ks and subsidized health insurance, why would a bank give someone a W2 and let them broker loans elsewhere to get the client a better rate? You give them the W2 and the 401k match and all that in exchange for them being a captive vendor).

  • Chris Mason
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