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It never hurts to have a backup plan whenever you're trying to accomplish something important. For example, you probably applied to multiple colleges as you approached your high school graduation, and chances are you have applied for more than one job at the same time in order to make sure that you would have some sort of employment. But what about mortgages? Should you have a backup plan there as well? Should you apply for more than one mortgage at the same time? We really do not feel this is necessary in most cases. You should make sure to do your research carefully and pick the best lender you can find based on a good reputation for service, low interest rates, and similar criteria. After all, if you're trying to apply for more than one loan at the same time, you will likely have to pay application fees more than once as well. You also have to spend additional time and energy going through all the paperwork and making sure you understand the terms and conditions involved for each mortgage application. There may be some circumstances in which applying for more than one mortgage could be helpful. For example, if you have credit problems you may find it difficult to acquire a loan at a reasonable interest rate (or even to be approved for any loan at all). It might make sense to try multiple lenders in this situation. However, you should try to do your homework ahead of time and talk to lenders to get a sense of whether or not you would be approved given your credit history and current financial situation. You don't necessarily have to apply for multiple loans if you can get a good sense of where you stand with a particular lender. One other case in which it may be helpful to try more than one lender is if you are purchasing an unusual property. Sometimes the home you're looking to purchase may have some type of unusual characteristics that would make it seem riskier to a given lender. A good real estate agent and property inspector can point out deficiencies in a property (whether that may be structural problems, location, or any number of other issues) so you can know ahead of time if lenders will be less likely to approve your loan. By the way, you may as well tell both mortgage lenders that you've been applying for multiple loans. They will probably find out anyway when they examine your credit report, since this will show your previous applications as well.
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