If you want to take out a loan and you change your mind, do you have to pay for the evaluation fees?

Question

I wanted to get a home loan with HSBC and they evaluated my properties and everything but in the end I decided to go with another bank. Now they are trying to charge me with evaluation fees for my properties. Do I have to pay them? I have not signed morgage documents yet.

Answer 1

If you signed something, I am guessing you are on the hook. It is hard to say without seeing the documents. Most financial institutions will not do anything without at least an application. The wording of the application will spell out your "Intent" to work with them and I am sure it will include coverage of any fees.

If you did not sign anything (not likely) you don't need to pay.

Give them a call and see if you can negotiate a lower fee with them. If they agree, make sure to get something in writing from them stating that you have fulfilled your obligation to them.

Good Luck