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| *Loan,banking and credit>>>mortgage loan |
Mortgage loan fees? |
My husband and I are going to apply for a mortgage to purchase a new home. The loan office that we had talked to on the phone said there was a $525 upfront fee when we come in to apply. We meantioned this to the realtor who is selling our home and he was shocked! He advised us to call a few other places and I have done that. The most popluar place around here is Eastman Credit Union. Their loan officer says the total bank fees we have to pay through them is $225 and only $100 is an upfront fee. Which of these sounds correct? Any advice or suggestions? Thanks! Don't pay that $525 upfront fee. I doubt that the total bank fees would be $225, that may be the total application fee, but there will be additional closing costs. Most lenders in my area do not charge any upfront fees. Source(s): Oregon Realtor Check with some of the major lenders such as Guardian Loan and Wells Fargo. Both offer loans with no upfront application fees. run! this is a sign of a bad company! none of it you have to pay money to apply for a mortgage sounds silly i didnt have to pay any up front fees? the only fee i had to pay was an appriasal that was after i was preapproved! something sounds real fishy. here is where i go they are great! they gave me the lowest rate and everyone there was straight forward with us! my loan got done without any suprises http://www.directlendingplanet.com/... most brokers are not going to charge you any upfront fees and if they do, it should cover your appraisal costs. They can't advise you that the fee is to cover appraisal costs though, so its just called an application fee. As long as you don't have to pay for an appraisal later, go with the cheaper one. Just because the fees aren't up front don't mean there wont be any OR that they will be be any cheaper! You're either paying it now or at closing. These days, most professional originators do not collect fees upfront. Some still collect the cost of the appraisal and credit report so that if the loan doesn't close they will not have to pay for them personally but those of us who can do point of sale approvals don't even do that because we know that the borrower is approved before we spend more than the credit report funds. The Credit Union sounds like the best deal but a lot depends on what rate and progrmas they have available too. 20+ years as a direct mortgage lender |
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