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lugnuts · Joined: 13 Oct 2008 Posts: 2 1.97 Dollars($)

My mortgage went beyond closing date due to no fault of mine for many reasons.when I had not heard from them recently i made calls and found out that my loan was held up for reasons that were incompetent and that i had been already been paying to hold my rate locked with out my consent and it would continue until closing.
I paid a fee just to apply for approval at beginning of loan.I never signed anything until closing day.I assume that my monthly payment would be affected by the weekly fees charged also?

smithsussane · Posted: Sun Oct 19, 2008 8:26 pm Post subject:

Hi lugnuts!

Welcome to forums!

Yes, your monthly payments may be affected due to this. But if there was no fault of yours, then the lender should not charge you extra. You should speak to the lender about this immediately and clear off things.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Mon Oct 20, 2008 7:26 am Post subject:

lugnuts, unless you did sign a document authorizing these fees you mentioned, the lender has no right to charge you. perhaps you did sign something - review all the documentation you have to be sure.

why a monthly payment would be affected by fees paid is beyond me. there ought to be no such provision in any of your documents.

you paid an application fee? how much? was it for the appraisal?

unless you've actually paid out exorbitant amounts to this lender, i would walk if were you.

brian1 · Posted: Mon Oct 20, 2008 11:59 am Post subject:

That is why you should NEVER pay anything (other than an appraisal and maybe credit) up front. The lender feels as if they own you and can do whatever they want - I agree with GM if you can eat that up front money walk..... Especially if the delays were the cause of the lender.
Brian

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

No they cannot charge you. I suggest you take a look somewhere else instead of closing with them and paying extra fees. There is no reason for you to do so.

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Can lenders charge a weekly fee to keep my rate locked, no notification