Can you have two loans processed and accepted and decide to reject and keep one?

Asked by Jay, 94538 Wed Apr 8, 2009

Wondering if we go through with processing on a 1 home purchase with 2 separate lenders for the essentially the same loan (one is a backup in essence, if one doesnt get approved) and if both loans are approved, can you back out of one, and keep the other?

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Keith Sorem, Agent, Glendale, CA
Thu Apr 9, 2009
Jay
It is not uncommon to have a "back up lender" in this market. However, there will probably be fees associated with the loans, such as appraisals. Talk with your Realtor regarding your options.

Some listing agents REQUIRE (via seller mandates) that buyers have a back up lender so they know that they have a competent lender.
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Vicky Chrisn…, Agent, Purcellvile, VA
Thu Apr 9, 2009
Sure. But there may be fees involved on both.
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