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Old 06-01-2018, 01:05 PM
 
8,390 posts, read 7,385,412 times
Reputation: 18277

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Just because you have good credit, does not mean the credit report does not have to be made. The credit report, is required to be made by the Federal Government that is backing the loan. It is not something the lender themselves has control of. The lenders have several charges they have to make to the buyer, and this is one of them. The tax and insurance reserves, are also demanded by the Federal Government until the equity reaches a certain percentage of the value of the property.

You are upset, and blaming the lenders. Since the real estate crash a few years ago, the government has tightened up regulations on things like this. The credit report is to prove you have good credit, and pay your bills. They just do not take your word for it.

And yes, all lenders will charge you for a credit report. You are lucky it is only $ 14, and not several times that.
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Old 06-01-2018, 01:09 PM
 
Location: Columbia, SC
8,857 posts, read 17,458,799 times
Reputation: 6234
Quote:
Originally Posted by juggar View Post
I can get approved with any lender I choose. Every last one of them so far has said I have perfect credit and they are salivating at the chance to make some money. So many call backs its unreal.

I absolutely will demand they remove that fee. Otherwise ill just move on down the list. BET they call back and offer that $14 off. Guarantee you they will.

Chase offers me $500 towards down payment and 50,000 bonus points on my Chase Sapphire preferred. I think Quicken will credit the $14.
So go get a different lender and let me know how it works out.
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Old 06-01-2018, 01:36 PM
Status: "Even better than okay" (set 14 days ago)
 
Location: Coastal New Jersey
51,350 posts, read 50,609,566 times
Reputation: 60282
Where the heck do you live that a) property tax is only $500 a year! and b) you pay annual tax on your CAR?
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Old 06-01-2018, 01:46 PM
 
Location: Raleigh NC
7,781 posts, read 6,140,656 times
Reputation: 6905
Quote:
Originally Posted by Mightyqueen801 View Post
Where the heck do you live that a) property tax is only $500 a year! and b) you pay annual tax on your CAR?
he said Western NC.

we don't pay any state property tax.

in NC, we pay property taxes on our cars at the county level. Since it's now wrapped into your license tag renewal (annual), then there's no legal way around paying them.

where I live - in the most prosperous part of the state, our County tax is about 65 cents, so a $100K house is $650. (note, the 100K houses are extremely few and far between here, but more plentiful in western NC). The tax on the car is the same rate - 65 cents.

then we pay a city property tax - on cars and homes - that's about 37 cents. Combined, our tax rate is just a couple pennies over a $1
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Old 06-01-2018, 01:48 PM
 
Location: East Coast
2,772 posts, read 1,578,266 times
Reputation: 4008
Quote:
Originally Posted by juggar View Post
I can get approved with any lender I choose. Every last one of them so far has said I have perfect credit and they are salivating at the chance to make some money. So many call backs its unreal.

I absolutely will demand they remove that fee. Otherwise ill just move on down the list. BET they call back and offer that $14 off. Guarantee you they will.

Chase offers me $500 towards down payment and 50,000 bonus points on my Chase Sapphire preferred. I think Quicken will credit the $14.
I realized I accidentally wrote "underestimate" rather than "overestimate" but you got my point.

Yeah -- go ahead and call each one, demanding they remove that fee. Maybe one will. But if the first couple pass on your demand, it seems that you're expending a lot of time and energy on a $14 charge.
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Old 06-01-2018, 01:49 PM
 
3,608 posts, read 1,524,512 times
Reputation: 9949
Quote:
Originally Posted by BoBromhal View Post
Dodd-Frank requires them to itemize all of those fees, and they can't go up.

The lenders charge that fee to very single borrower, whether it's $50,000 or $500,000 mortgage.

The car dealers don't care as much about your credit-worthiness as a mortgage lender does.

I just bought a new car, and they never pulled a full credit report. I'm not positive he even checked my score. never asked me to prove my income. never asked me about other debts. or what any of my monthly obligations are.
It's a lot easier for a lender to repossess a car, re-sell it, and get their expenses out, than it is to foreclose on a mortgage, evict the residents, etc. It's also (usually) a lot less money.
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Old 06-01-2018, 02:18 PM
 
Location: Honolulu, HI
4,636 posts, read 1,156,512 times
Reputation: 6627
Quote:
Originally Posted by LifeIsGood01 View Post
You don't get it, keep renting.
I agree, OP needs to stick to renting. Even a quick google search goes over all the costs involved with purchasing a house.

If he can't afford a $14 credit report or knows why escrow accounts exist, he's in over his head.
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Old 06-01-2018, 02:24 PM
 
95 posts, read 39,130 times
Reputation: 48
Rocko makes a good point, but you can rent rooms (and even granny flats/sheds in the backyard) out to tenants/renters for a good chunk of monthly income.
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Old 06-01-2018, 02:28 PM
 
Location: San Diego, CA
700 posts, read 245,888 times
Reputation: 1056
Wait until you walk over $14 and the next lender wants to charges $41. Or worse, they agree to your silly demand, but you end up with a higher rate than the original lender. Itís like someone who doesnít want to pay points on the loan, that can be done, but youíll end up paying more over time. Be carful with the $500 or 50,000 bonus from chase, see my last sentence for the answer, nothing is free.

Honestly whatís the big deal with a $500 tax bill rolled into escrow? Yeah maybe if you had a $10-20k + tax bill youíd want the money to invest, and pay the bill annually, but $500 get real. I know itís the principal of the matter, but Itís actually nice to not having to worry about tax and insurance.

And 750 is far from a perfect credit, that would be 850. 750 is good-very good, but 760 is where youíll start to see better rates. Good luck, and remember the old saying about cutting off ones nose to spite their face
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Old 06-01-2018, 02:32 PM
 
10,276 posts, read 6,519,194 times
Reputation: 10857
This is a great case of Penny wise, pound foolish.
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