The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: We have accepted an offer on our home||Date: 7/1/2013 1:43 PM|
|Author: CCinOC||Number: 125701 of 126720|
Go ahead and start multiple applications, and see what kind of service you'll get when 5 lenders realize that 4 of them will go through all the work but won't get the loan. What you'll get is all 5 of them dumping your app to the bottom of the stack.
FYI: All lenders WILL know what's going on because each one will ask what all the credit inquires are for. It's called an LOE (letter of explanation).
To Whom It May Concern:
I've been asked to address the numerous credit inquiries on my credit profile. All credit inquiries were for the purpose of selecting this loan provider and only this loan provider. I inquired about but have applied for no new credit other than this application within the past six months.
[signed under penalty of perjury]
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|