Doing a rate lock with multiple lenders

Let's say you are closing on a place in approximately 45 days. Obviously, various lenders offer various rate lock provisions for various lengths of time. Some will charge an explicit fee, some will bake the cost of a rate lock into the mortgage rate itself, and some (supposedly?) won't charge anything at all. This all is dependent on many things, including how far out you lock the rate. Practices... [more]

Let's say you are closing on a place in approximately 45 days. Obviously, various lenders offer various rate lock provisions for various lengths of time. Some will charge an explicit fee, some will bake the cost of a rate lock into the mortgage rate itself, and some (supposedly?) won't charge anything at all. This all is dependent on many things, including how far out you lock the rate. Practices vary greatly. Also of note, some lenders will let you "float down" the rate if rates are lower at the time you close. Some won't. Again, this depends. In my limited experience, most "say" they won't but typically will do so. So my question is, what downside is there to getting multiple rate locks from multiple lenders? For example, if it rates are more advantageous, why would I not get a 60 day rate lock now from Bank of America, eventually a 30 day lock from Well Fargo, then a 14 day lock from Chase, and no lock from TD Bank? Then when it's time to finance, I just take whichever rate/fee combination is to my best advantage? Wouldn't this allow me to participate in the joy of rate locks at multiple points in time, with no cost to me because I don't pay anything if I don't take out the mortgage with them? I only see upside here, other than the hassle of working with multiple banks. Am I missing something? [less]