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Old 03-30-2009, 09:13 AM
 
30 posts, read 135,483 times
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I understand that Pentagon Fed Credit Union does not allow one to make another mortgage application for same property within 90 days of the first one. Nevertheless, does anyone know how they enforce this? It is not clear how since you can submit applications online.

A borrower has an incentive to submit another application to lock in a lower interest rate (as all you lose in the application fee of less than $70).

Thanks.
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Old 03-30-2009, 09:45 PM
 
Location: San Jose (Willow Glen)
180 posts, read 671,159 times
Reputation: 96
Quote:
Originally Posted by still_looking View Post
I understand that Pentagon Fed Credit Union does not allow one to make another mortgage application for same property within 90 days of the first one. Nevertheless, does anyone know how they enforce this? It is not clear how since you can submit applications online.

A borrower has an incentive to submit another application to lock in a lower interest rate (as all you lose in the application fee of less than $70).

Thanks.
How do they enforce it?

It's online, so I'm sure it's pretty easy to flag an application that is within 90 days of a previous app.
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