Posted on: 09th Jun, 2010 10:30 am
Hi all,
I am trying to get a mortgage for a condo in nyc with 10% downpayment only. Since this is a long shot, I plan to submit loan applications to at least a couple of lenders. My question is the following:
1. Is that ok do to something like this? This is not for pre-approval or pre-qaul but actual loan application.
2. Is the appraisal portable? In other words, can I ask one of the lenders to give me a copy of the appraisal and use that for the second application with an other lender.
thanks in advance,
I am trying to get a mortgage for a condo in nyc with 10% downpayment only. Since this is a long shot, I plan to submit loan applications to at least a couple of lenders. My question is the following:
1. Is that ok do to something like this? This is not for pre-approval or pre-qaul but actual loan application.
2. Is the appraisal portable? In other words, can I ask one of the lenders to give me a copy of the appraisal and use that for the second application with an other lender.
thanks in advance,
Hi coolguy,
You can apply for a loans with various lenders in order to check out their loan terms and rates but you need to get pre-approved from one lender and then look out for buying properties. Lenders will want their individual appraisers to appraise the property. They won't be ready to accept an appraisal done by someone else.
You can apply for a loans with various lenders in order to check out their loan terms and rates but you need to get pre-approved from one lender and then look out for buying properties. Lenders will want their individual appraisers to appraise the property. They won't be ready to accept an appraisal done by someone else.