Payment of fees pre-approved loan?
I am pre-approved for a home mortgage. The company said there will be a $ 350 fee if you decide not to accept their offer. This is a scam? I applied online, but to discuss the details with them over the phone. The sources said the amount is not only an incentive to return to last them the best offers that I received. They said they may not match with the agreement, and I would not be charged to pay $ 350. Agreed to do not discount card information over the phone. I have a confirmation message – says nothing about any exceptions. Say that I will be charged if I’m not on loan with them. I have an e-mail back to person contact me today, but no answer nie.Ek I just wanted to see if anyone else had any experience in this type of loan. Thank you!
Or, you can get from one place at the present time (with the intention of using them as much as possible), but to get a loan from another company, if it comes to what?
yes it’s a scam
NO ONE but NO ONE charges a fee on a pre aprroved home loan
NEVER give out your CC or Debit info
do a chargeback now!!
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LikeDislikeThis a form of an application fee. This what some lenders charge that are afraid that they will lose you as a client because of the fees that they charge.
All this does is allow them to profit $ 337, roughly as the only thing they are out is a credit report.
I would request a “Good Faith Estimate from them an then compare it with another lender to make sure their fees are right the type of transaction that you are doing.
If you have more questions than that please email me [email protected]
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LikeDislikeIt is an absolute scam. All it does is get them money for the time that they have spent with you so far. Also, it discourages you from looking around at other companies because you already have something at stake with this company. From a psychological perspective, once you have put down something of value, you won’t go to a better deal because you will still feel as though you have “lost” something.
I work for a title company and work with some really fair loan officers. There are many out there who are not. If you would like to talk to someone, shoot me an email and I will give you a name or two.
Stephanie
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LikeDislikeWhy would you do that? If you know who you want your loan through get it from them. Your rate & terms can vary widely from one company to the next. Why waste the time of a company that you don’t intend to use? However, yes you can go through whoever you want. A pre-approval letter is not binding-
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LikeDislikePre approval letters do not need to be from the ultimate lending institution. You can decide to get a loan somewhere else. Shop around for the best interest rate.
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LikeDislikeGet a pre-approval letter from anyone… you can check lenders after you find a home to purchase.
With the market being so volatile, whatever rate you’re quoted today probably won’t be avaialble in the future, so shopping around once you have the loan amounts and purchase amounts will be easier.
I would suggest calling lenders directly, if you use a broker ask them to provide documentation on how much they plan to earn on your loan. If they’re earning more than 1.5% of the loan, make them pay for your closing costs. Broker’s today are desperate because the market is bad and they’re over charging borrowers and giving them bad rates.
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