Can I complete more than one application for a refinance?

Asked by Joe Prabil, Rockville, MD Fri Jul 15, 2011

Can I complete more than one application for a refinance? I have started one application through a broker but now have found a better offer through another broker. Can I start the second application and stop the first without major complications/issues? What complication(s)/issue(s) can I / should I expect?

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brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon Jul 18, 2011
Yes you can but as the others have said depending on where you are in the process could cost you appraisal money. And it's starting all over. If the savings is enough than you might want to take a look though. Again as the others have said look before you leap though. Don't always chase the lowest rate from some internet shop. You might get it, you might not but someone local offers a degree of accountability and local expertise that out of towners can't match. I live and work in Rockville so if you need anything just let me know and we can talk. When I deal with a new company/person I Goggle their name also just to see what comes up both good and bad. You may wish to consider this as well so you know with whom you are dealing.
Hope this helped. Thanks
0 votes
Nick Pakulla, Mortgage Broker Or Lender, Rockville, MD
Sat Jul 16, 2011
Depending on where you are in the process, there would most likely be no complications. An application is just that, an applicatin, if you have told someone to move forward and they have ordered an appraisal or have an application fee then things could get more complicated. Why limit your search to just 2 lenders, why not check with more before deciding which bank you feel can actually deliver the financing on time and without any issues?

I reccomend checking locally too. I am with a community bank right in Rockville and I'd be happy to provide another quote if you're interested.
Web Reference:  http://www.nickhomeloan.com
0 votes
Caroline York, Agent, St Petersburg, FL
Sat Jul 16, 2011
Yes, but each application should be completed within a close time frame otherwise they will affect your ccredit score. If you use a bank and a mortgage lender that should be sufficient. Many of the closing costs will be different so when your realtor looks over the information with you (ask for an estimated HUD statement from all lenders so you can compare apples with apples. If the names of the "fees" are different ask the lenders what the fee is for. Apples and Apples - remember.

The credit score can be lowered if you shop around slowly so be sure you schedule the appts close together. This applies when you are shopping for any big item. Cars, appliances etc. And never buy a car or large purchase after you have been approved by the bank. They will pull the credit again right before you close on the house and if they see that your debt ratio changed you may not get your financing.
0 votes
Brant Millham, , Maryland
Sat Jul 16, 2011
You can but make sure the second deal is actually better. Get estimates from each to compare side by side. Unless you have paid money upfront to the first broker you shouldn't have any complications. Also ask the first if they can match the offer before cancelling.
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