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Mortgage Fees
Posted on 1/16/18 at 8:25 pm
Posted on 1/16/18 at 8:25 pm
First time home buyer and it's aggravating as hell.
Talking to a large bank about starting the process. They've done some preliminary stuff and have sent us a small forest's worth of paper to sign for the official preapproval.
Question 1 - Do all mortgage companies require good faith money for this?
Paperwork says "except where required by state law" they will not refund if I withdraw application (i.e. shop loan before I actually buy).
Question 2 - I assume LA is not one of the state's that require this money be refunded.
Talking to a large bank about starting the process. They've done some preliminary stuff and have sent us a small forest's worth of paper to sign for the official preapproval.
Question 1 - Do all mortgage companies require good faith money for this?
Paperwork says "except where required by state law" they will not refund if I withdraw application (i.e. shop loan before I actually buy).
Question 2 - I assume LA is not one of the state's that require this money be refunded.
5
Posted on 1/16/18 at 8:49 pm to Stateguy
There’s a lot of documents you need for verification but most of it can be found online and like banking statements, pay stubs etc
Not sure about the good faith money
Not sure about the good faith money
Posted on 1/17/18 at 10:19 am to Stateguy
Unfortunately this is not uncommon. Try to find a broker you can trust (slim pickings) and go from there. Don’t be scared to shop around for bank with least amount of BS fees because they all have them.
Posted on 1/17/18 at 1:40 pm to Stateguy
They are requiring good faith money for a preapproval? Hell no that's normal.
Posted on 1/17/18 at 2:42 pm to Stateguy
quote:
They've done some preliminary stuff and have sent us a small forest's worth of paper to sign for the official preapproval.
I can see some lenders requiring you to put up some money when it gets far enough along in the purchase process to things like appraisals, having title work done, etc...things that the lender could actually lose money on if you back out or switch lenders. They don't do any of that shite for a pre-approval letter...you shouldn't be out of pocket to a lender for a pre-approval.
Posted on 1/17/18 at 3:05 pm to Stateguy
I would look at potentially using a local community bank for your loan. We did it for our house and it took a lot of the pain away since they were flexible on what they could do.
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