Is it acceptable to use 2 mortgage brokers at same time? (credit check, fees) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

canadianexpert · 02-29-2012, 05:08 PM

I'm in process of fha streamline refinance with mortgage history only and have talked to 2 brokers and filled out app and credit check with one who offered a rate at 4%. The other broker said he could get me to 3.875. the 4% broker requiring 100 more to close than the other broker. 4% broker could lock today while I would have to still submit paperwork to the other broker. Is this considered wrong from a brokers point of view as the he has done the work or should i continue to submit app with the 2nd broker. 2nd broker said he could get down to 3.75 for $1250 to close the loan. the percentage difference is not much but maybe a 17 to 35 dollar saving per month. Am i overthinking this or is this just a fair comparision?

Enkiktd · 02-29-2012, 05:55 PM

What are the APRs?

Also I don't believe it's "wrong." You're shopping for the best deal for you. You have the right to ask questions about your rates, fees, and APR and compare from there.

SmartMoney · 03-01-2012, 05:05 AM

I agree, it's your money.

But I also think your time and attention is worth something, too. Once you weigh it, and still can't decide go with your gut and move on.

dad2jules · 03-01-2012, 05:51 AM

Did you get these rates quotes within 30 minutes of ech other? If not rates can move fast and its possible your comparing apples to oranges.

Once you request a lock the shopping should be over. Brokers are penalized if they have to cancel locks for no reason- the only way not to get penalized is if the appraisal comes in low.