"Shopping" for refinance lenders

[Wei Cho]

Hello!

My husband and I are about to finish remodeling our duplex, we're about a week away. We've own the property for a year and I'm in the beginning stages of the refinance process. I'm speaking to two lenders about my options, and LTV, seeing how to qualify (I am self-employed and my husband has a W-2). However, it's a tricky situation because the house isn't appraiser-ready yet, so we haven't ordered one. Right now, the two lenders are basing their rates and amount of cash-out on educated guesses based on seeing the comps of the area and the amount of money we invested in the rehab.

My question is: at what point do I stop shopping around for lenders and zero in on one? Without a proper appraisal, I cannot get a guarantee "rate" or amount that I can cash-out of, fees, mortgage payments, etc. I'm sure each lender has to send out their own appraiser to give a value to the property. However, can I ask both lenders to appraise the property, and if I decide to go with one of them, will the other lender charge me for their appraisal and credit check? Do I try to "compare" rates & cash-out options after each lender has appraised the property?

Any help and insight in the refinance process will greatly help!

Thank you!