leppy2 wrote:
Thank you. The borrower usually pays for the first appraisal also? Shoot while I'm at it... Is there anything I should look out for in general? For instance we signed the first set.of papers that had estimates for most everything. Our lender said that once we were officially approved that all that would be fixed and put into a contract. It's a whole lotta scary.
Yes, you pay for it....but the lender orders it.
Jazzzy wrote:I've seen the cost listed at $600, for example, when the appraiser is actually getting $400. It's a way that some lenders pad fees.
Going through my first refinance now, I was informed that the Good Faith Estimate often quotes high prices for services, becuase if the lender underquotes by more than 10% they have to pay the difference. Having said that, if the lender pays less than the quoted amount for the services (let's say appraisal in this instance) will they still charge the consumer the additional money quoted, or will they only charge what they have paid out for those services? It seems like they would only be allowed to charge what they've paid out.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
