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I would find a new lender. They want to charge you a fee up front so if you dont close or your loan is denied they can still make some money. It is common to pay an application fee on the good faith as part of the closing costs, but you only pay it if the loan closes.
Starting July 31st, no upfront fees can be charged to an applicant except for a credit report fee. If you click under my name on the right side where it says blog, i wrote about this same thing today.
I have started to see more banks asking for an application fee of $300-$495 lately. You don't have pay anything you don't want. You can negotiate with them and if all the other terms are acceptable to you, get them to credit it to you at closing or use it as the appraisal feel.
Consumers shop for lenders all the time and lenders feel like they are being used by doing some work and not being compensated for their time.
If you can't come to an agreement, find another lender.
I have locked my rate, got my GFE and have my TIL filled to get back to my loan officer. So far I paid nothing. My loan officer (LO) didn't even want to order the appraisal until inspection is done just to save me money in case I need to get out, if inspection brings trrouble that the sellers would refuse to address. Then again I have a referred LO that I trust, which is important. Like the other posters said shop arround or even best ask people that you know to refer you to one they are happy with.
I have locked my rate, got my GFE and have my TIL filled to get back to my loan officer. So far I paid nothing. My loan officer (LO) didn't even want to order the appraisal until inspection is done just to save me money in case I need to get out, if inspection brings trrouble that the sellers would refuse to address. Then again I have a referred LO that I trust, which is important. Like the other posters said shop arround or even best ask people that you know to refer you to one they are happy with.
I agree with MeInDenudinFL. I'm almost closing on our house (eventually) and haven't paid a dime to my lender. Yet.
I just looked at the form again. It's dated December 2008... so many things have changed in the last 8 months that you may be able to talk yourself out of that form and agree to pay it at the closing table like everybody else. Lender Fees shouldn't be POC.. things like Credit Report or Appraisal - maybe, but not lender fee. And if you're just now applying for a loan? Get another lender. Go with somebody other than Well's Fargo (read the header on the fax).
I just looked at the form again. It's dated December 2008... so many things have changed in the last 8 months that you may be able to talk yourself out of that form and agree to pay it at the closing table like everybody else. Lender Fees shouldn't be POC.. things like Credit Report or Appraisal - maybe, but not lender fee. And if you're just now applying for a loan? Get another lender. Go with somebody other than Well's Fargo (read the header on the fax).
Do you think Well's Fargo is bad mortgage banker? I don't know myself.
Find a good, professional mortgage broker. Ask friends, relatives, neighbors for a referral. you will get better service and more than likely a better overall mortgage.
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