Posted on: 29th Jun, 2009 11:39 pm
What do you charge for a upfront fee for the investigate for a mortgage funding? Loan size is $600k.
A Mortgage Company (from AZ) requires a non-refundable upfront fee of $10k.
Is this too high?
A Mortgage Company (from AZ) requires a non-refundable upfront fee of $10k.
Is this too high?
Hi
There are some lenders who require an upfront mortgage funding fees, while others do not charge any such fees. The amount they charge also varies from lender to lender. If you think the lender is charging you a high upfront fee, you can contact another lender and enquire about what amount they charge as upfront fees. The mortgage brokers at times also charge the borrowers upfront fees. Are you a mortgage broker, new to this business? Or are you looking to obtain a mortgage for yourself as a borrower?
There are some lenders who require an upfront mortgage funding fees, while others do not charge any such fees. The amount they charge also varies from lender to lender. If you think the lender is charging you a high upfront fee, you can contact another lender and enquire about what amount they charge as upfront fees. The mortgage brokers at times also charge the borrowers upfront fees. Are you a mortgage broker, new to this business? Or are you looking to obtain a mortgage for yourself as a borrower?
Do not pay the fee! It sounds like a scam to me. Some mortgage brokers charge an upfront fee of $400 to cover the appraisal and credit report. I do not pay an application fee up front. If you do, make sure it is refundable if the money is not spent on these.
i am in full agreement with jheard. an upfront fee of $10000 is ludicrous. generally, you ought to find that the only fees paid prior to a closing would be third-party fees such as an appraisal fee, although many institutions will request an application fee to ensure they're not just spinning their wheels while working with you.
yes. it may be a fraud. better consult others
by "others" i assume you mean other lenders, robertsmith.
Thanks for your responses.
@manoj_gopale: The Mortgage Broker says : "Underwriting and due-diligence is a very costly and very time consuming process to determine the volatility of any particular transaction. RFG requires the client cover the cost of this process and those costs are non-negotiable. Unfortunately, I cannot waive the due-diligence fee."
@savior70: I am a borrower, unfortunately from Europe, so I dont find the right Lender for me. I dont know any other Mortgage Broker. The Problem is the Project it´s under $600k, most broker will lend above $1 million and I have no credit score (FICO) here. See my other questions in the Forum.
@jheard and gmakerley and robertsmith2005: I dont pay this fee, I reject the LOI from this Company today.
@manoj_gopale: The Mortgage Broker says : "Underwriting and due-diligence is a very costly and very time consuming process to determine the volatility of any particular transaction. RFG requires the client cover the cost of this process and those costs are non-negotiable. Unfortunately, I cannot waive the due-diligence fee."
@savior70: I am a borrower, unfortunately from Europe, so I dont find the right Lender for me. I dont know any other Mortgage Broker. The Problem is the Project it´s under $600k, most broker will lend above $1 million and I have no credit score (FICO) here. See my other questions in the Forum.
@jheard and gmakerley and robertsmith2005: I dont pay this fee, I reject the LOI from this Company today.
it seems this mortgage broker thought they had spotted an easy mark, one who lacked the sophistication to challenge them. this is another reason that this forum is a valuable tool to the borrowing public.
it would be a wonderful idea, i believe, to forward whatever documentation they gave you, siegert, to the arizona attorney general's office for their perusal. i suspect that you're not the only unfortunate soul who they have tried to rip off, and a timely investigation by the ag might just save some people from this heinous practice.
it would be a wonderful idea, i believe, to forward whatever documentation they gave you, siegert, to the arizona attorney general's office for their perusal. i suspect that you're not the only unfortunate soul who they have tried to rip off, and a timely investigation by the ag might just save some people from this heinous practice.
@gmakerley: I found this now: "http://www.cfsolutionsllc.com/Remington.pdf"
It´s hard to believe, they work today :(.
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It´s hard to believe, they work today :(.
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