I was trying to refinance my mortgage, but then I decided to sell the property instead and cancelled the refinancing process. My agent first told me I would have to pay about $800 in fees for the services that had been provided, including the appraisal. Now he's telling me that the charge could be as much as $2500. I think they are trying to rip me off, but then I don't now what the typical prices are in this case.
2006-07-17 06:57:15 · 7 answers · asked by Jose M 1 in Business & Finance ➔ Renting & Real Estate
the only fee's you would be obligated to are appraisal, and also if the lender stipulates a loan lock fee or application fee..niether of which are over $100...
the max you could be charged for backing out is $500, (if appraisal costs $350)...
the lender telling you that you will have $2500 in fee's, it is a scare tactic...He/she is hoping that by telling you that you have to pay all of those costs that you will decide to go through with the loan so that you dont have to pay...
until you see something in writing, you will not have to pay anything more then the appraisal...
Did you pay for the appraisal yet? did you give a credit card to secure the appraisla against?
if i were you i would call them and tell them to send you a bill SO THAT YOUR ATTORNEY CAN LOOK AT IT!!! THATS THE KEY, BEAT THEM AT THEIR OWN GAME..
THEY GIVE YOU A SCARE TACTIC, YOU DO THE SAME...
I can tell you first hanbd that there are alot of mortgage companies out there that try to pull stunts like these...i've been a mortgage banker for years with multiple lenders, and it is very common...
if you would like to work with a honest, credible, and trustworthy banker who prides himself on ethics, feel free to contact me..
My name is Jason Fry, I work for Providential Bancorp, a nationwide mortgage lender based in Chicago. My number is 312-264-6448, or you can email me at jasonf@providential.com..
if you havent found a company to help you with financing the new home, i would be happy to let you know what you qualify for..
Good luck with everything, and i hope this helps!!!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp
2006-07-17 09:00:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I would say that the charge is some what high, however you would need to look at the itemized list of fees. I would say that the only obligation that you might have is the appraisal if the professional went on location, and/or the application fee. If you paid for the appraisal the company is required to provide you a copy of the appraisal, they can not refuse a written request. Either way, I do think that the 2,500 dollar fee is excessive and which you the best of luck.
2006-07-17 07:31:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I don't know about the other charges, but I do know that you will have to pay for the appraisal if it has been completed. The appraiser did his job, and it is of no difference to him whether you backed out of your refi or not. And, to make matters worse, the appraisal actually belongs to the original lender, so you may not even get a copy of it. If the appraisal was not done at the time that you backed out of your refi, you will still be responsible for the appraiser's trip fee, if he/she went out to the property and did all of the measuring and took photos.
2006-07-17 07:03:59 · answer #3 · answered by Deborah S 1 · 0⤊ 0⤋
The only thing you will be responsible for is the Appraisal fee. If they did title work, etc - the the lender would have to eat those charges. But the appraiser went out, on "faith" and it will need to be paid......Now - you can ask the lender to release the appraisal, once you paid for it....so you can have a copy for your records.....If they give you any static (some company's will) than let them know you will be calling your state agency - and Better Business Bureau......Good Luck to you.
2006-07-17 07:24:13 · answer #4 · answered by W. E 5 · 0⤊ 0⤋
did they already order titlework etc? if so, it's perfectly legal for the mortgage company to bill you for services incurred on your behalf. just because you backed out of the refi doesn't mean it didn't cost the appraiser, attorneys, etc.
as far as fees to the lender go, that's their loss! as far as title searches, appraisals, etc, that's for you to cover!
2006-07-17 09:27:05 · answer #5 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
Sounds like they are ripping you off. Make sure they give you a detailed bill so you know exactly what they are trying to charge you for. Then you can argue certain charges and probably get them to take them off.
2006-07-17 07:01:01 · answer #6 · answered by happymommy 4 · 0⤊ 0⤋
yes. but I dont know the rates in your area.
2006-07-17 07:00:31 · answer #7 · answered by ♣ 4 · 0⤊ 0⤋