Established Member
Posts: 43
Registered: ‎08-17-2012
Re: Does creditor charge a fee before starting a mortgage application?

I don't think the person from the credit union used such an term.


seigex wrote:

haoniukun wrote:

Hi,

I asked for information about mortgage application from a local credit union.

They told me that they would charge $500 in advance to start the application.

The $500 would be given back to me as part of the closing fee in the end.

They didn't say that the fee was refundable.

I wonder if any other creditors do the same.

If not, can I negotiate to avoid the fee in advance and pay the closing fee?

 

Thanks


sounds to me like earnest money.. I put up 1% ($1650) when I applied as earnest money...