topic Re: Is this normal? in Mortgage Loans

Is this normal?

Learning_Tee0225 — Sat, 01 Apr 2023 03:02:28 GMT

Is it normal for a Lender to charge you for a credit score check? I was in the process of applying and when I pulled up the link for the credit check they show a $65 charge for the two people on the loan. Is this normal?

New to the process

EDIT: * credit score check

Re: Is this normal?

ShanetheMortgageMan — Fri, 31 Mar 2023 01:45:31 GMT

It is normal to be charged for the credit report, usually it's a cost you pay at closing and not when credit is checked. Credit reporting agencies increased their fees considerably at the beginning of 2023, so going forward credit report fees being charged to a borrower will be higher than in the past. $65 for a 2-person tri-merge credit report is pretty good in my opinion, usually that's around the cost of a 1-person tri-merge.

Re: Is this normal?

Learning_Tee0225 — Fri, 31 Mar 2023 01:59:12 GMT

Thank you for the quick response. I dipped in last year but decided to wait and work on score but wasnt charged at all so was just wondering.

Re: Is this normal?

Sandolver71 — Fri, 31 Mar 2023 02:06:25 GMT

It is very normal dear! By law, the only fee that lenders are allowed to charge you before issuing a Loan Estimate is a small upfront fee to pay for pulling your credit report. The fee will usually be no more than $30.

Re: Is this normal?

VAMortgageGuy — Fri, 31 Mar 2023 18:12:47 GMT

@Learning_Tee0225 wrote:
Is it normal for a Lender to charge you for a credit check? I was in the process of applying and when I pulled up the link for the credit check they show a $65 charge for the two people on the loan. Is this normal?

New to the process

It is normal to charge a credit report free at closing but it is not normal to charge for it upfront.