Financing -- Loans/Applying for a loan?
Hello! I recently just applied for a mortgage loan to 3 lenders because I wanted to compare options and I also wanted to apply for a personal loan. My question is, do you think it is a good idea to apply for a personal loan at the same time as a mortgage loan? Thank you!
No, I do not think it is a good idea to apply for a personal loan as well. I also do not recommend applying for a mortgage at 3 different places at the same time. Reason being is it appears you to the 2nd and 3rd lenders who obtain credit that you may have been turned down by the first. They begin to look and see what they might have missed or try and find something that isn't there even if the 1st provided you with an approval. All lenders can tell you the options you will have based on the scenario you provide them with. Ex. Down payment, value of the property, credit scores, financial position, etc. No need to apply to find out your options. When applying for a personal loan as well at the same time it may appear that you are trying to borrow your down payment or go further in debt and this could jeopardize your mortgage approval.
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