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Old 06-02-2009, 01:57 AM
 
Location: Long Branch
390 posts, read 1,510,004 times
Reputation: 110

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How much are application fees these days? I'm assuming the OP paid more than $500.

If the rates drop, can he reapply with a different lender for less than $500?
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Old 06-02-2009, 09:27 AM
 
Location: Canco, JC, NJ
229 posts, read 923,207 times
Reputation: 90
My guy told me his company offers a one time free float down. If you want his contact info, just PM me.
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Old 06-02-2009, 07:07 PM
 
95 posts, read 521,258 times
Reputation: 34
Thanks all for your thoughts.

I actually did not pay any application fee. Although I may be out the appraisal fee soon if that takes place. However I just spoke to another broker (referred by a friend who used him) who can shave off a quarter point and will waive the appraisal fee if necessary. If the fees are comparable or better, I'll lock in with him instead.

Question: I am already locked in and going through the application process with the current broker/lender. Is it correct that I don't really "cancel" the application, but rather just let it expire and never sign the commitment? Or do I tell my broker once I've decided on the new broker/lender that I want to cancel the application? Anyone have experience with this?
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Old 06-03-2009, 06:59 AM
 
587 posts, read 2,177,912 times
Reputation: 225
Quote:
Originally Posted by millsan1 View Post
My guy told me his company offers a one time free float down. If you want his contact info, just PM me.
maybe they are charging you more in fees to cover a float down. Compare line 800's on your GFE to another lender's and that will show you which lender charges more or less.
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Old 06-03-2009, 07:00 AM
 
268 posts, read 761,379 times
Reputation: 72
Rates are now approaching 5.5%... UGH.
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