Applying to two mortgage brokers?

[nym9]

What is the name of your state? NY

I am comparing broker estimates for purchasing a co-op, and was wondering if its possible to use two.

I was told the best method would be to apply to both from the beginning. Then, once I am ready to lock, I can compare quotes.

Is this common, and how would it work with lender specific documents that are filed with the county clerk?

 

[LoanOfficerDan]

2 brokers

Doesn't hurt at all as long as you're not paying up-front fees. You need to commit to a lender once the appraisal is ordered unless you want to pay for 2 appraisals. Be careful of bait and switch scammers. Basically, call your local bank and check their rates and fees. Then check with the brokers. If the brokers are more than .25% cheaper in rate, then it's probably not legit. Rates have climbed considerably in the past 2 weeks, so make sure you're always comparing everyone on the same day.

I have a NY broker's license and will gladly give you a quote as well. You can call me at (866) 848-4996, ask for Dan, or simply post the terms and I will post today's rate/costs.

I need purhcase price, loan amount, city/county, and type of loan such as 5/1 ARM, 30 yr fxd, etc. Also, I will assume excellent credit, that income can be verified, and will quote a 30 day rate lock, even though it will likely take 60 days from your end for attorneys to negotiate contract, pull title, and for the coop board to approve the purchase, etc.

 

[nym9]

Doesn't hurt at all as long as you're not paying up-front fees. You need to commit to a lender once the appraisal is ordered unless you want to pay for 2 appraisals. Be careful of bait and switch scammers. Basically, call your local bank and check their rates and fees. Then check with the brokers. If the brokers are more than .25% cheaper in rate, then it's probably not legit. Rates have climbed considerably in the past 2 weeks, so make sure you're always comparing everyone on the same day.

I have a NY broker's license and will gladly give you a quote as well. You can call me at (866) 848-4996, ask for Dan, or simply post the terms and I will post today's rate/costs.

I need purhcase price, loan amount, city/county, and type of loan such as 5/1 ARM, 30 yr fxd, etc. Also, I will assume excellent credit, that income can be verified, and will quote a 30 day rate lock, even though it will likely take 60 days from your end for attorneys to negotiate contract, pull title, and for the coop board to approve the purchase, etc.

That is what I meant, pay for 2 appraisals since the only real time to compare rates is when we are ready to close / lock.

Price is 290, loan is 215, Queens NY, 30 year fixed, 60 day lock will probably be needed.

Also, I noticed some banks (chase, citibank) are higher than others (HSBC, ocean).