Are you supposed to have to pay to submit a mortgage application?

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I found a mortgage company online that says they can help people with low credit scores and low down payments to buy a house, they sent me an application but the thing is it says i have to pay $69 to submit the application, is this a normal practice? am i just out this money if they end up not being able to approve me for the home loan? i just wanna make sure this isnt some kind of scam, it seems like a reputable company but im not sure, any thoughts?

Are you supposed to have to pay to submit a mortgage application?

I work at a mortgage company and there is no charge to apply for a mortgage. But if you're dealing with a company that help finance people with low credit scores it is certainly a possibility that there is an application fee. There are cost associated with pulling credit reports and the bank will charge that to the customer. If you have bad credit it's a strong possibility you may be denied then the bank will lose that money, so in order to avoid a loss, they charge the fee to you. Most of the time it's non-refundable.

Are you supposed to have to pay to submit a mortgage application?

and what happens if you don't get a mortgage.

Do they refund the $. :o)

Are you supposed to have to pay to submit a mortgage application?

Upfront application fees are a thing of the past anymore. However, considering the circumstances here and your credit score is low and a $69 application fee is very reasonable this is not far fetched at all. Yes, you will most likely be out this money if they are not able to approve you for the home loan. I would recommend going to the better business bureau online and looking up information on this company, go to ripoffreport.com to see if anyone has anything bad to say about them and either use Google or Yahoo's search feature with the name of the company in "quotes" to see if you can dig up anything on the company to see if they are legit or not.

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Are you supposed to have to pay to submit a mortgage application?

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