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Can anyone explain why a credit card deposit is needed to process my mortgage. There is no need for an appraisal since it's a Homepath loan. However if my application get denied for any reason they are going to charge me a processing fee of $ 415.Here's what the Loan Consultant reply when ask about my credit card info."To start any loan we require a guarantee of $415 with a credit card. We do not charge the card this as a fee upfront. It is only used to cover expenses related to a cancellation (you pull out) or decline of the loan."Should I move on or stay with ERA mortgage?
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