A sales contract? (mortgage companies, company, fee, broker)

[djax]

I did a online application to find multiple lenders to see who would offer me the better rate for my home purchase. I have this one mortgage company who is asking for me to do a sales contract. What is a sales contract and why is this company requesting me to do so? Thanks for any help.

[inadu98]

Very common with mortgage companies... They would like your commitment on the dotted line that you agree to let them originate your loan. It is a contract to work exclusively with their company AND probably pay the application fee up front. If they won't provide you with with a GFE before getting a commitment, I would move on. PM me if you want the name of a good, honest broker in Charlotte!

[2bindenver]

Give it a day or two - you will be hounded by calls from lenders - using your application for credit to "trigger" unwanted solicitations of your mortgage business - called "trigger leads."