Are you supposed to have to pay to submit a mortgage application?
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Are you supposed to have to pay to submit a mortgage application?absolutely not. Also watch for high rates, extra fees, etc. Try countrywide or lending tree. Never pay to submit an application. There are so many companies out there that want to take advantage of you just bc you have messed up in the past. Don't let them. Good Luck!!
Once you have been pre-approved, some fees to process may need to be paid, but no upfront fees.
Are you supposed to have to pay to submit a mortgage application?This is on a "per-lender" basis. Some lenders do charge, some don't.
Typically, if you close your loan with them, this charge is then credited back to your total fees on your final HUD and GFE. If you walk away, they pocket this to help cover their time in working on your application.
Some brokers/lenders require even more than this. I've seen charges up to $400 to cover the costs of appraisals.
This is not an unusual practice. Basically it is a way to tell if you are serious about seeking a mortgage. Most people won't want to pay anything if they are just "testing the waters". In this case, there should be a number to call or a FAQ on their website that should answer this question.
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