I am in a situation where I need to get a mortgage in a short period of time. My situation is unique and I want to make sure the mortgage gets approved. I started working with a small bank and it died off, then continue with another one that is about to go to underwriting in an hour.

The original bank process has come back to life and it sounds more promising than the other, but they are charging me points (1.25 vs 0). Should I have both of them go to underwriting at the same time or is that bad? I just want to have a fallback without wasting time, but don't want it to affect either process.

What should I do? If I do go to underwriting on both, what happens if both get "approved"?

  • 1
    I think once you go underwriting, you pay for non-refundable application fee. If later on you decide to back out, you will loss the application fee.
    – Patrick
    Apr 2, 2015 at 15:35
  • Neither of the Itemized Fee Worksheet contain a value in Application Fees. They do have fee for Processing and Underwriting. Will they charge those if I don't get approved or don't go with them? Apr 2, 2015 at 16:08
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    You would certainly owe the costs for both - things like the appraisal, for example, you'd need done twice, and you'd owe that. I would generally assume you owe all fees on both (so for the US that's like 5,000-6,000 each), though you may not owe all of them necessarily.
    – Joe
    Apr 2, 2015 at 16:43

1 Answer 1


There's nothing wrong with that. You should tell them though that you're working with another lender (they'll find out anyway), and that first one who can get you to closing wins. So long as you don't try to sign for both loans, you'll be fine.

Just to be clear on that last point, DON'T even think about trying to take out both loans, that's fraud, you will get caught, and prosecuted.

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