What type of loan do you anticipate doing? FHA, VA or conventional? It makes a big difference. For example if you have one lender do an FHA appraisal that appraisal stays with the home for several months. Another lender could not also do another FHA appraisal. Similar issues exist with VA (Veterans loan).
Why the race anyway? Typically the only issue is does it close by the appointed settlement date. Fastest is not always best.
Let the lenders know they are in competition and perhaps one will bow out anyway.

Good luck.

Your initial costs would be doubled (appraisal, credit report), but as long as you're up front with them and disclose your plan; why not. You have a lot to gain as a first time buyer, but it is a lot of work for a broker so let them know and give them a chance to decline racing for all or nothing. With out getting too preachy, you might think how you might feel if you didn't get your loan closed on time because your broker focused his attention and resources on a race to close for someone else.

If you are taking about a mortgage broker, you would more than likely have to bear the cost of both brokers. There would be appraisal fees, credit report fees, title search fees just to name a few. Most brokers want all or part of these fees upfront. My advice is to be approved for the loan first.

Tricia Winter
Rector Hayden Realtors
859 321-7133