I was approved for a loan through country wide on line, at the end the guy asked for my credit card number 380$ for credit report, and appraisal fees. Is this common or is it a scam?
2006-09-08 11:40:08 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
That is standard for Counrtywide Now. Not a scam. Its better to pay it up front instead of paying interest on it for 30 years.
2006-09-08 14:53:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is normal for an appraisal and credit report, but they should have explained the fee to you first. Also, this money may be credit to you at settlement. I am hoping this is a mortgage, because most banks do not charge any fees for home equity loans.
By the way, I had a mortgage and home equity with county wide (not by choice, my bank sold the loans to them), and I found them to be not very good. Their loan terms are not very competative and their staff is often not helpful. They run one of these large scale operations, where the phone operators often have no clue.
A question to the people who are answering "scam," have you ever taken out a mortgage? If you have no idea, why are you answering?
2006-09-08 18:47:41 · answer #2 · answered by mr_law_jersey 3 · 0⤊ 0⤋
Sounds about right for a house appraisal plus credit check fees. I usually have to pay about $300 for an appraisal when getting a house loan or refinancing.
Shop around to find better rates, though. Nothing against Countrywide, but they somebody else might be cheaper. Check maybe 3-4 rates and see how they stack up.
2006-09-09 00:58:14 · answer #3 · answered by larry n 4 · 0⤊ 0⤋
Credit Report and Appraisal Fees are the NORM for any Home Loan (Mortgage) Request -- but when you started the process, you SHOULD have been told UP FRONT the ENTIRE FEES that would be charged if you went ahead with this request.
CountryWide Mortgages are very POOR on Customer Service, applying balances, applying payments (delay the payment receipt date for SEVERAL Days sometimes, resulting in additional interest), and difficult to work with.
2006-09-08 19:23:30 · answer #4 · answered by sglmom 7 · 0⤊ 0⤋
Unless you agree to proceed with the loan they shouldn't be collecting anything upfront. Ask to see if they would allow you to pay for the appraisal "outside of closing". There's been a lot of issues with appraisals lately (most because the market's softer than it was a couple of years back). You can probably ask for names of three or four Countrywide approved appraiser and shop around yourself. Hope this helps!
2006-09-08 20:16:53 · answer #5 · answered by ilovesushi 1 · 0⤊ 0⤋
if you don't use them for the loan than they can charge you the money most people charge $350.00 you have to keep in touch and if you find a home use the or they will charge you the money
2006-09-08 18:43:53 · answer #6 · answered by midasoffice1 1 · 0⤊ 1⤋
scam
2006-09-08 18:45:54 · answer #7 · answered by dieturtledie 2 · 0⤊ 1⤋
scam
2006-09-08 18:42:25 · answer #8 · answered by Tipper P 2 · 0⤊ 1⤋
Sounds like an "up sell" to me - where at the end, they try to sell you other products.
Not his fault you are too dim to own a phone, to be honest.
2006-09-08 18:42:10 · answer #9 · answered by cornwall_seo 2 · 0⤊ 2⤋