Can I use my loan of two mortgage companies at the same time?

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I ask for a home loan from a mortgage company, but the company says everything done, but it will not let me sign the official document. can I apply for a loan from another company today, without looking at the first request?

5 Comments
  1. Reply
    bostonianinmo
    May 17, 2011 at 9:11 am

    Sure! I always apply at 4 or 5 different mortgage companies! Multiple applications with different lenders for the same type of credit will NOT hurt your credit score so you SHOULD shop around for the best rates and terms.

  2. Reply
    Miss Emily
    May 17, 2011 at 9:34 am

    you’re question is difficult to understand. It sounds like you’re asking that if you’re with 1 lender now & they have all your info & they say “they’ve got it already done”, can you go to another lender as well?

    You can, nothing is set in stone with your first lender UNLESS & it is unusual they would do this, but unless you signed some kind of “Commitment Letter” to stay just with that company,

    you do have the right to check other options.

    The form that you WANT to get from the first lender is called a Good Faith Estimate & they have to give it to you by LAW, this form will show you at what rate the first lender is offering you, plus what they’re charging in costs.

    When you go to the 2nd lender, just give them all the info you gave the first lender. Do NOT show them the Good Faith Estimate, just ask them ‘what they can do for you’, if their Good Faith Estimate comes back with a lower rate & lower costs, switch.

  3. Reply
    Nancy
    May 17, 2011 at 9:57 am

    yes

  4. Reply
    Henry
    May 17, 2011 at 10:39 am

    A loan application is not a binding contract. You are free to do anything you want. You have no obligation until the loan is approved and you signed all related documents.

  5. Reply
    godged
    May 17, 2011 at 11:37 am

    Yes and you should. This will give the opportunity to compare everything, get a good faith estimate of closing costs and any fees associated with the loans so you can make an informed choice.

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