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Answers (10)
- Julie Messina, "CNN Mortgage"
- Contributions:70
FYI Mortgage companies have to eat the credit report fee (typically under $25) if the loan does not close. At our company we collect a check up front for prior to ordering the appraisal. An applicant that is serious about applying for credit should not mind paying for these costs up front. Lets face it this is a high trust industry. Find someone who you trust to do what they say they will. This is the reason our industry is being regulated so heavily.
The other fees you were talking about can be paid at closing. It is unethical and not even typical that a mortgage company would obtain any other fees until closing.
Sound fair?
The other fees you were talking about can be paid at closing. It is unethical and not even typical that a mortgage company would obtain any other fees until closing.
Sound fair?
- Chris Corica, "Chris Corica"
- Contributions:1075
Threaten to call the banking department, attorney general, the BBB, and anyone else who will listen to you.
- Ken Kopper
- Contributions:1578
Have you already given the money to the broker?
- mj197010458
- Contributions:5
What recourse do I have if the broker refuses to give me the money back?
- Chris Corica, "Chris Corica"
- Contributions:1075
Find someone else to work with. I don't know of too many that charge upfront, most won't.
- Bud Fox, "Fee Hammer"
- Contributions:8
Keep shopping...typically the only fee paid outside of close (POC) is the appraisal fee and that b/c you are paying it directly to the appraisal who is providing the service for you. I would run and run fast from this lender!
- mj197010458
- Contributions:5
Fees would include application fee, Appraisal fee, credit report, Broker fee, and buying points down. This process just started so only the credit fee should apply since the check was done. Monies payed ot less than 72 hours.
- Bud Fox, "Fee Hammer"
- Contributions:8
Are those fees refundable to you if your loan is not approved or you decide to shop elsewhere?
Its important that you feel comfortable with the loan process and if this is making you feel uncomfortable, keep shopping
Bud Fox
- The Fee Hammer
Its important that you feel comfortable with the loan process and if this is making you feel uncomfortable, keep shopping
Bud Fox
- The Fee Hammer
- mj197010458
- Contributions:5
The borrower shouldn't shell out any money until closing then? Is this a Scam perhaps?
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Common? Not really. A good way to do business? No.
Is it common for a broker to ask for fees upfront before gathering all necessary info from borrower
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