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Answers (6)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
besides the appraisal fee you might be charged up front for the credit report, flood certificate and in some cases even an application fee.
- Ed Groussman, "egroussman"
- Contributions:16
The only upfront fee you should ever pay to obtain a mortgage is the appraisal fee.
- Clay Branch, "Georgia Loans"
- Contributions:7838
oops, that would be a construction purchase, not a refi!
- Clay Branch, "Georgia Loans"
- Contributions:7838
Yes when the lock is out to 180, 240, 360 days etc. Not for a typical 30, 45, 60 days
- Susan Tyser, "susantyser"
- Contributions:2
No, you should not need to pay for a rate lock up front. Your interest rate may be slightly different depending upon the length of time that you choose to lock in (15 days would be less than 45 days). Make sure that you know the amount of time that it takes a lender to process and underwrite your file so that you can close and fund within the lock in period.
- Ed Brophy, "Ed Brophy"
- Contributions:455
That would be a big no. Locking a rate doesn't have a cost. Sounds like you're dealing with someone who trying to ensure that you don't wander off to another lender.
Should you ever pay up front to lock in a rate for a refinance?
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