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Additional Details
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Benjamin W B | My proposed lender is requiring a $349.00 app. fee/non-refundable before they start the process. Common? |
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ruthietoothie1972
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Lenders can charge you whatever fees they want however you don't have to pay them. Look for another lender. There are banks that do no fee mortgages.....look online. |
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PiggiePants
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May be common, but it is illegal in the US. Check out the advice from the Federal Trade Commission (FTC) on loan scams:
Don’t pay for the promise of a loan. It’s illegal for companies doing business by phone in the U.S. to promise you a loan and ask you to pay for it before they deliver. Requiring advance fees for loans also is illegal in Canada.
Ignore any ad — or hang up on any caller — that guarantees a loan in exchange for a fee in advance.
Remember that legitimate lenders never guarantee or say that you will receive a loan before you apply, or before they have checked out your credit status or contacted your references, especially if you have bad credit or no credit record.
Don’t give your credit card, bank account, or Social Security number on the telephone, by fax, or via the Internet unless you are familiar with the company and know why the information is necessary.
Don’t make a payment to an individual for a loan; no legitimate lending organization would make such a request.
Don’t wire money or send money orders for a loan through Western Union or similar companies. You have little recourse if there’s a problem with a wire transaction. Legitimate lenders don’t pressure you to wire funds.
If you are not absolutely sure who you are dealing with, get the company’s number in the phone book or from directory assistance, and call it to make sure you’re dealing with the company you think you are. Some scam artists have pretended to be the Better Business Bureau or another legitimate organization. |
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namatsar67
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Many lenders have changed their loan application process, so it is becomming more common than what people are used to doing. Some loan officers will do this if they sense that you are yanking their chain. If that is the case ask for the loan documentation that states this lending policy.
You may also want to inquire if this app fee is credited toward any loan expenses; ie: appraisal, credit report, loan processing, underwritting or other. |
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Tres7
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You may find someone that will not charge it upfront, but it is very common to collect the appraisal fee and credit report fee upfront. It is part of your closing cost, so it is either pay it now or pay it at the closing, so if this is the company you are going to use....it really does not matter when you pay. This is a way for them to know they are not wasting their time and you are committed to them. Good Luck! |
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tampabaycreditdoctor
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No it's not common. Should be no charge. You might be at a bank? If that's the case, find a good mortgage broker. Here's the thing about banks and loans.
It's been my experience that when you're on the tile, (by the teller, thing's are cool. ) but when you reach the carpet ( over by the loan officer) that's when things change. |
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CIFYACAN
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Normally at a bank you don't pay this. keep shopping |
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InquiringMind
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Keep shopping you dont have to pay this..... |
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Traveler
 |
I was an independent appraiser for 20 years. The $350 price is normal and not inflated. $350 was my standard fee and I always asked to be paid at the door or up front. After all if the loan falls out I still have done the work and then is hard to find someone to cut the check. Be aware. The appraisal is the property of the Lender even if you pay for it. It is no longer legal to transfer an appraisal to another lender. Good lenders have long term relationships with Appraisers and generelly pay for the appraisal and put it on their closing statement. You will end up paying for it one way or the other but the fact that they want the money up front is not a good sign of your loan prospects. Nor does it speak highly of your lender. |
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Veritas et Aequitas ()
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Depends. They call it a good faith deposit. It would be credited towards the costs if you go with that lender. However I think it's a rip-off. You shouldn't have to pay up front costs when all you are doing is shopping and comparing. Both a credit union and regular bank charged that fee and when they asked for the fee is when I stopped filling out the paperwork. The other mortgage lender's I got quotes from did not. |
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earanger
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Ben,
In the last 30 years I've bought four houses (sold three, living in the fourth). No industry has changed more than the home-lending industry. I remember when it took 2.5 months to close. Now I've seen in done in less than three weeks.
As to your question, some lenders require a fee such as you mention and call it a 'loan origination fee.' As some others answering alluded to, not all lenders require it.
Sometimes the fee goes to do an appraisal, which is done by an independent contractor. Sometimes it's part of the paperwork process.
If you're using VA/FHA, make certain it's listed on the expenses sheet - it's refundable to you.
Are you going through a mortgage broker? Often you'll get better rates since they represent multiple lenders.
Good luck - it's a buyers market out there now.
"Ranger" |
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Huba
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Depends what you are getting. If it is an appraisal for a piece of property or house that is below the average cost of those items. If it is because you have bad credit and want to get a credit card - what a rip-off.
Know what you are getting for he fee. It may be reasonable if the information is yours to keep but if they don't release all the information to you, you will have to go with your confidence in qualifying for the loan to see if it is worth the $$. |
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gyggles000
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no way! keep shopping. |
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lee_parman2000
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Yes, that is a joke. An excessive fee. Most lenders will not require this. |
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