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

namvet wrote:

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.