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Q: Can a person apply for a mortgage with different lenders at the same time? If so, what happens if a person gets more than one approval?
A: Yes, you may apply for more than one mortgage with different lenders at the same time. If you get more than one approval, you can simply tell the banks you don't want to deal with that you no longer need the loan.
However, most people apply for one lender at time, because when each prospective lender will run your credit report. This will show up on your credit report and could bring your score down. Also, your lender will want to know why the other lender(s) ran your report and will want assurance that you did not take on additional debt.
-- Answer from Meg C., an accountant on JustAnswer.
Daily Answer is excerpted from the JustAnswer archives and features information provided by a Expert on JustAnswer.