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Guest

Why do I have to pay a fee to apply for a loan?

Jessica · Posted: Tue Jun 28, 2005 11:21 pm Post subject: Re:

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.

Guest

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

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

Hi Guest,

Proceesing fees is being charged so that lender can recover admimstration charges

gmakerley · Posted: Thu Nov 05, 2009 10:17 am Post subject:

not every lender collects a fee upfront; most fees that are collected would be third-party fees, such as an appraisal fee.

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