We are trying to get a mortgage type loan, for the house we are building. We have been trying to get financed through BofA, but they have been taking months, and making us jump through hoops. We want to know if it is allowed to also begin seeking finance through another establishment at the same time, in case BofA falls through on us?
2007-10-13 15:39:26 · 4 answers · asked by mamamia! 1 in Business & Finance ➔ Renting & Real Estate
Heck, yes!!! Banks and mortgage companies hate it when youdo that, because they hate being forced to compete for business, but you have the right to do so. Make sure, however, that you aren't signing anything with them that says that you won't apply anywhere else. Banks spend money on credit checks, processing, etc., that they won't get back if you close with someone else, so some of them ask you to sign a paper saying that you won't. It's pretty useless, though. You might end up paying for a couple of appraisals, but since you're paying for the appraisal, you can release it to have it sent to different lenders.
2007-10-13 16:56:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can apply at as many banks as you wish. You should try to get the best interest rate and terms possible.
2007-10-13 16:42:27 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
Yes you can many buyers do this because they are shopping around to see who will give them the best interest rate.
2007-10-13 15:44:12 · answer #3 · answered by young2bballin 2 · 0⤊ 0⤋
Yes. I recommend it. Its called shopping around for the best deal.
2007-10-13 16:00:09 · answer #4 · answered by hottotrot1_usa 7 · 0⤊ 0⤋