my broker questioned when we would pay the credit repair free ie. rescoring and blah blah. but i thought it was on good faith, and i haven't obtained a mortgage yet? how does this work.
2006-12-08 12:43:16 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The credit report should be pulled in good faith, but if you or the broker need to do some work to get your credit up (seasoned trade lines etc..), or do a rapid rescore after getting problems handled, you will have to pay for these things separately. Be patient, most brokers are out to make a living, not rip people off. If you truly don't trust him/her, look for another broker. If you are in NY or NJ, I can help... matty_lumpkin onY! msgr
2006-12-08 12:52:29 · answer #1 · answered by Matt B 1 · 0⤊ 0⤋
it depends. there is a thing called quick scoring and it is a direct pay as it is done. it is not an expense on the mortgage broker, it goes to you. so, if they did a quick score on your report to help facilitate your getting the mortgage, then you are probably needing these steps. so you need to pay for it. the mortgage broker only gets paid for her services upon closing a deal. even if they got you a mortgage things may still pop up that may prevent a closing. there are many choices in credit restructuring. if i use the service for quick scoring it is $90 per trade line each. if i have to remove a credit card and i have to do it on each server reporting your credit then it is $90 to them. the more i have to score the fee goes up. this is not a cost the mortgage broker sustains and it is not a normal part of doing business. if you don't get the mortgage do you think the broker is to blame and they did not do a good enough job on your credit? this is a service we can offer to help a client. when it is offered it is because the broker believes the client is due a chance and is being unfairly judged. it is a gift of desire to make your mortgage available to you. yes pay the costs. it may be that you do not get the mortgage and that is beyond the control of this service. there are a lot of other options in credit restructuring that are less expensive, but they all are a service and cost money to have it performed. i hope this helps. you have a good broker, and they are trying to get the mortgage and service all your interests. good luck
2006-12-09 02:19:12 · answer #2 · answered by MARY A 2 · 0⤊ 0⤋
Usually anything associated with the loan would be on the GFE. Definitely credit report, and possibly credit rescoring, but that may be wrapped up under another fee such as "admin fee" or "processing fee". Usually rescoring won't be a separate fee.
Just make sure you and the broker are on the same page regarding the cost of the service, and who is ultimately responsible for payment and you should be fine.
Learn more about mortgage, credit, and personal finance:
http://www.thetruthaboutmortgage.com
2006-12-08 12:55:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If he is charging $20/30 for getting the credit report that is reasonable. If he is charging more tell him you are taking your business elsewhere. It could be also that he was not able to get you a loan and he is trying to get re-imbursed for his expenses.
What you are obligated to pay depends on what you signed.
2006-12-08 12:47:49 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋
Lenders get charged for doing re scores or supplements. Maybe this is the charge?
2006-12-08 12:51:33 · answer #5 · answered by homes_az 2 · 0⤊ 0⤋
it's call you get what you pay for do you work for free or do you want to get payed for your work think about what you are asking him/her to do there not in business for nothing
2006-12-08 12:52:03 · answer #6 · answered by why us 3 · 0⤊ 0⤋