My Bank wants $425.00 fee for my home lone application?

Question

They told me to bring in my 2007 W2's, Paycheck stubs,Bank statements from my other bank and $425.00 all this up front is this right?

Answer 1

go to other banks and get a no fee mortgage.

Answer 2

dont do it get a New Lender Loan Apps dont cost a cent to the buyer

Answer 3

do not do this as if you are not approved you loose

I am a mortgage banker in TN & KY

Answer 4

It is not uncommon for that, but you can find a reputable lender who will get you your loan for nothing.  These lenders usually sell your loan to another bank (they are mortgage brokers).  As long as you have decent credit you should never have to pay any fees, except for a home inspection (which I recommend weather or not it is required).

Answer 5

This is pretty standard, although they can collect their 425 at closing.