Can mortgage lenders prevent you from formally applying to other lenders at the same time?

I’m under contract for first primary residence purchase and applying to 2 lenders at the same time due to my anxiety that one might fall through, or being jammed last minute by hidden fees. Each lender has language requiring us to state that we have no other mortgage transactions in process with another lender. Does this mean that they just want us to confirm we presently have no other mortgage obligations, or can they really prevent us from trying to apply for 2 mortgage approvals at the same time on the same property before closing with one that has more favorable terms?

AFAIK I can legally pursue the process with more than one, provided that I pay for all the appraisals but the language confuse me. Thanks.

submitted by /u/jeweledbeanie
[link] [comments]

I’m under contract for first primary residence purchase and applying to 2 lenders at the same time due to my anxiety that one might fall through, or being jammed last minute by hidden fees. Each lender has language requiring us to state that we have no other mortgage transactions in process with another lender. Does this mean that they just want us to confirm we presently have no other mortgage obligations, or can they really prevent us from trying to apply for 2 mortgage approvals at the same time on the same property before closing with one that has more favorable terms? AFAIK I can legally pursue the process with more than one, provided that I pay for all the appraisals but the language confuse me. Thanks. submitted by /u/jeweledbeanie [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!