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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.
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.
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
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.
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.
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.
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. It’s like someone who doesn’t want to pay points on the loan, that can be done, but you’ll 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 what’s the big deal with a $500 tax bill rolled into escrow? Yeah maybe if you had a $10-20k + tax bill you’d want the money to invest, and pay the bill annually, but $500 get real. I know it’s the principal of the matter, but It’s 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 you’ll start to see better rates. Good luck, and remember the old saying about cutting off ones nose to spite their face
This is a great case of Penny wise, pound foolish.
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