Can I work with two or more mortgage brokers at the same time?

When searching for a home loan, can I get two or more mortgage brokers to search for the best rate for me and at the end just choose the one that found the best rate? Can you? Sure. You run the risk of having two different hard inquiries on your credit report.

Can you switch mortgage brokers?

Yes, you can switch mortgage brokers. However, unless you feel that a mortgage broker is really not working in your best interests, you may want to think twice about changing brokers during the application process.

How many Preapprovals can I get?

You bet! You can get preapproved for a home loan as often as you need. Every preapproval letter comes with an expiration date. And, once the preapproval has expired, you’ll need a fresh one to continue house hunting and making offers.

Can I lock a rate with two lenders?

Can you lock with more than one lender? You can lock in a mortgage rate with more than one lender if you’re willing to deal with multiple mortgage applications, fees, and a lot of paperwork. Some borrowers lock a rate with Lender A and let their rate float with Lender B.

Can I have two lenders at the same time?

Applying to multiple lenders allows borrowers to pit one lender against another to get a better rate or deal. Applying to multiple lenders lets you compare rates and fees, but it can impact your credit report and score due to multiple credit inquiries.

Is there a penalty for switching mortgage lenders?

If you switch mortgages before your mortgage is up for renewal, you can face a penalty — up to three months of interest payments on the amount you owe or the interest rate differential (IRD), which is the difference between your interest rate today and the rate the lender can charge you upon renewal.

Can I talk to multiple mortgage brokers?

1. Can you have two mortgage brokers? Using multiple mortgage brokers can be possible, although it might not be a good idea, particularly if they’re both submitting applications on your behalf.

Can I have 2 mortgages with different lenders?

Second mortgages and home refinances differ in two major ways. A second mortgage can be from the same or different lender, and you generally end up paying up two mortgages every month. The two mortgages have liens on your property and defaulting on one of them can lead to a foreclosure.