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Old 02-05-2009, 02:26 PM
SXN SXN started this thread
 
350 posts, read 1,085,419 times
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Quick question, I really need your help ASAP as I am trying to close soon.

I was approved with Bank of America and they have charged me $50 for a credit report. They have credited this $50 towards the application fee. My closing data on my contract is end of the month.

My loan officer mentioned he can float my rate lock, and would call me every day to discuss the best rate that are being offered, and when I find a rate I like I can lock it. I told him I wanted to float the rate, and he indicated I would need to pay $700 via credit card now that would be credited towards my closing costs.

Is this normal to ask for closing cost money before the close date? My concern is that the home inspection is this weekend, if something major comes up in inspection or attorney review, and I have to walk away from the contract I could lose my $700. The loan officer said I wouldn't as the contract would then be cancelled and voided. Is this true? Has anyone paid this kind of money to Bank of America up front?

Thanks
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Old 02-06-2009, 02:18 PM
 
Location: Los Angeles
283 posts, read 706,915 times
Reputation: 205
I paid Countrywide $410 to start the application process. They said they will credit this towards appraisal and credit report fee.
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Old 02-06-2009, 05:14 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,098,996 times
Reputation: 1008
i would want to see everything IN WRITING

the only fee that I charge is the appraisal fee and this goes directly to the appraiser

if you paid someone upfront that will leave you in the open of not getting the best deal. you will be at the lender's mercy
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