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Guest
Guest
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 Posted: Tue Jun 28, 2005 9:40 pm Post subject: loan fee |
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| Why do I have to pay a fee to apply for a loan? |
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 Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 819
Location: OHIO
211.27 Dollars($)
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| Posted: Tue Jun 28, 2005 11:21 pm Post subject: Re: |
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Hi Guest,
Welcome to Mortgagefit forum.
To apply for a loan, you will have to pay around $200 or $300 to the lender as an application or processing fee. This makes up for the cost in case you wish to terminate the loan within 3 business days of its application or if your loan is denied.
Hope this information explains why it is needed to pay.
Regards
Jessica. |
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ken
Guest
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| Posted: Wed Feb 08, 2006 5:21 pm Post subject: |
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A loan fee is expressed as points or as a percentage. A one point or one percent loan fee is equal to 1% of the total loan amount.
Ken |
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cupplesjonathan71
Joined: 04 Nov 2009
Posts: 82
0.00 Dollars($)
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| Posted: Thu Nov 05, 2009 8:49 am Post subject: |
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Hi Guest,
Proceesing fees is being charged so that lender can recover admimstration charges |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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| Posted: Thu Nov 05, 2009 10:17 am Post subject: |
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not every lender collects a fee upfront; most fees that are collected would be third-party fees, such as an appraisal fee.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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