 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Sat Jan 22, 2005 12:51 am Post subject: Do I need to pay when I apply for mortgage? |
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You are required to pay certain fees while you apply for a mortgage. A list of such fees is given here for your reference.
- Application fee:
An application fee may be charged by the lender for accepting the loan application. This fee may not be refundable. So, before you apply for the loan, you must be sure that you want to deal with that particular lender. A loan application fee can cost you even $500.
- Appraisal fee:
An appraisal fee is required to estimate the current value of your property. The appraisal is carried out by a professional appraiser. The lender charges the same amount from you as the appraiser charges him for the service. An appraisal may run up to $500 based on what part of the country you live in.
- Credit report fee:
You need to get your credit report from all three credit bureaus or any one of them according to the specifications of the lender. This requires a fee for processing and mailing the reports which may cost you up to $100.
The credit report fee and the real estate appraisal fee are generally non-refundable but sometimes the lenders refund the application fee if the loan is not approved. |
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