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Profile picture for bond0073

what is a commitment fee --- is $200 reasonable ?

  • August 13 2009 - Albany
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Answers (3)

Profile picture for Chris Corica
bond - there are too many options out there to deal with someone who is charging an upfront commitment fee.
  • August 13 2009
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Frank is correct.  No up front fees except for credit until the proper disclosures have been sent.

Personally, never heard of this on a regular refi or purchase.

Just another garbage fee IMO.

Good Luck
  • August 13 2009
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This is a fee to get you to commit to the refinance and to get your mortgage consultant to start processing your loan.  Not everyone charges this but it is not unheard of.  Be aware that it is now illegal to charge any fees other than a credit report fee for a government backed mortgage without first providing the borrower with a Truth in Lending Disclosure and allowing for a 3 day review period.
  • August 13 2009
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