Re: Does creditor charge a fee before starting a mortgage applicatio
11-14-2012 11:18 PM
Make sure you get a good faith estimate before you pay any money to the lender. The $500 charge sounds like a fee for the appraisal and credit report/processing fee. Some lenders charge that fee at application. Shop around and you will find many lenders/brokers that don't charge upfront fees. Ask for a good faith estimate of closing costs. This estimate will give you a breakdown of all the estimated costs involved.
Thanks for your advice. I like the credit union mainly because I have a good relationship with them and they provide a discount for my company. I'll also ask some other lenders for options.