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Answers (2)
- FERMI
- Contributions:272
It's not legal. You will be asked to sign something when you apply for your mortgage that says they didn't collect any fees (other than credit report) before providing your truth in lending disclosure. They can't give you a truth in lending until you have a home. So this lender is violating the law, and will have to ask you to lie later to cover it up.
Find another lender.
Find another lender.
- Joe Adsit, "Joe Adsit 216585"
- Contributions:10
No. That is not normal, it may not be illegal either if you have not been given your early loan disclosures before you are asked for a deposit. Anytime you are requested to give a deposit for anything other than the credit report fee or appraisal, the loan officer is just trying to get some form of financial commitment from you to stop you from shopping their loan while you look for a property.
the depost for pre-approval
Is it refundable if down the road the purchase of a house is not through, or we switch to another mortgage company?
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