Newsflash: Let’s talk about double Apping.

Any personal experiences good or bad?I’ve read some of the debate online which was pretty much just brokers / lenders trying to bully people into thinking they were doing something immoral or illegal by fully applying with two lenders.I understand the rate lock cost money, I understand if you take two into closing someone is going to lose out on labor + overhead, etc. but as a buyer I didn’t structure the fees / incentives this way.Isn’t it irresponsible of me not to lock one and float one until 10-14 day of closing? This also has the additional benefit of having a backup for all the inevitable last minute lender screw-ups some of his have dealt with. Why would you want to lose all your leverage by only having one that you are completely at the mercy of?On a personal note I rate locked on Tuesday so of course I am considering getting some new quotes and double Apping.Of course I would give the existing lender a chance to beat but doesn’t negate the argument I’m making for taking them both into T-Minus X amount of days from closing.

Read more at https://www.reddit.com/r/RealEstate/comments/6bvqo5/lets_talk_about_double_apping/?utm_source=ifttt

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