Can I get two mortgages at same time, so I can be sure meet the deadline? (loan, approved) - Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

greenthinker · 10-17-2009, 06:56 AM

Hi everyone,
I only have twenty some days to get a mortgage for the house I am buying. Can I apply for two mortgages at same time to ensure I can get the mortgage done on time? I will pick the first approved mortgage. Is this feasible? Thank you!

greenthinker · 10-17-2009, 10:49 PM

Anyone can suggest? Thank you!

VictorBurek · 10-19-2009, 03:02 PM

So your plan is to have 2 companies work on your loan but only one gets paid.

HeatherLynn822 · 10-19-2009, 03:19 PM

Quote:

Originally Posted by VictorBurek

So your plan is to have 2 companies work on your loan but only one gets paid.

I would think he would have to pay the app fee for both companies....

Still seems shady to me though.

Besides, wouldn't they see each other's inquiries in a credit search and want to know what was up?

chet everett · 10-19-2009, 03:43 PM

The process of "applying for a mortgage" means different things to different people.

If you follow the outline here: Country Home Mortgages - Mortgage Process , it is bascially impossible for two lenders to get to the point that they would both underwrite your mortgage. Once one lender actually enters a credit report that you are BORROWING the amount of loan no other lender will proceed with the process.

If you merely want to PAY two or more lenders to take your application and review through the "processing" step that would probably be a waste.

Far better to determine with as much certainty as possible that ONE of the lenders that you have interviewed can meet your closing deadline. Despite the stories that crop up, MOST loans are ready by closing, especially when the borrower supplies all info in a timely manner, the agreed price is well within the appraisal amount and no flags come up on credit reports.

Truth be told even if you wanted to pay two or more lenders to process your loan application it is likely that the cross checking that many lenders do would raise a flag that you are trying to pull a fast one.

I would strongly suggest you instead get as much assurance as possible from as high up the chain as you can that your loan will be prepared in a timely manner...

suzie02 · 10-19-2009, 04:02 PM

Quote:

Originally Posted by greenthinker

Hi everyone,
I only have twenty some days to get a mortgage for the house I am buying. Can I apply for two mortgages at same time to ensure I can get the mortgage done on time? I will pick the first approved mortgage. Is this feasible? Thank you!

You know that, if your lender drags their feet and causes you to miss the closing date, the seller will wait for your loan. They do not have buyers lining up but even if they did it would still take over 30 days for a closing with a different buyer.

But if you have any concerns that you may not get approved then it may be better for you not to buy a house right now.

icibiu · 10-20-2009, 09:28 AM

I think his concerns are trying to meet the 8K tax deadline. However, from another thread, it sounds like he has only just an offer in on the house. Greenthinker, have you gone through the rest of the process yet? Getting the loan approved can be timely yes but there are SOOOO many other odds and ends that have to get done in between, have you done these yet? Part of getting the loan approved will be the appraisal, survey etc. These things will slow you down no matter how fast the lender is moving.

reese tippett · 10-20-2009, 02:56 PM

Call the lender you want to use and tell them your situation most will be able to met your needs. Just make sure you have a Title Search, Which seems to eat up the time. If not buyer beware. you could buy the home to find out that you dont own it someone else does