Mortgage loan and underwriter?
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My husband and I are applying for a mortgage loan. The loan officer told us the application has to be sent to an underwriter for approval. He also said if we decide to send it to the underwriter we would have to pay a $350.00 application fee which would be forfeited if we are denied or we will receive credit of $295.00 if approved. Is this a normal procedure?
Mortgage loan and underwriter?Some loan officers charge an application fee, but some don't. If you are putting at least 10% down or more and have a credit score of at least 660 with enough assets in your bank account to cover 2 months mortgage payments, your closing costs, and your down payment and those assets have been in your account for at least 2 months then you should be fine in getting an approval. If not, and you are unsure about getting financed (especially with the banking industry upset within the past couple weeks) then I would think twice about paying that money. There are tons of loan officers who do not charge application fees.
Mortgage loan and underwriter?NO!!!! there is no pre approval fee. That is part of your closing costs. You need me on your team. you need to run! not walk away, run! from this greaser.
www.greatwestcapital.com
Mortgage loan and underwriter?No. A good mortgage company should take a deposit. However, that should be credited towards closing costs or refunded if denied for any reason.
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