Applying For a Loan With Multiple Lenders

Dear Monica: I am in contract to buy a house and I am concerned I won’t get a loan so have applied to three lenders. Did I need to do this? Philip J.

 

Dear Philip: When buying a home it is smart to talk to several lenders before you make an offer to find out about their rates and terms and if you would meet their criteria for a loan. After this initial process you should have a good idea which lender you want to work with and you should make an application with them. t is not necessary to apply to all three lenders once you have a property you want to offer on. Unless there is a particular issue you are concerned with, you should be fine applying to just one lender and save yourself extra application and appraisal fees, and the extra work.