I kow that I will have to pay eventually but I don't want to pay for things (like appraisal) if the rate between the Good Faith Estimate and the final rate jumps up (which it always seems to do) and I just want to walk away.
I always feel like I get suckered into taking a higher rate because I have already spent money on refinancing.
2007-11-15 04:48:11 · 5 answers · asked by parkdad73 1 in Business & Finance ➔ Renting & Real Estate
You can arrange to make payments for expenses at the time of closing, but you can't walk away from those expenses once you have agreed (on your loan application) to pay for them. Even if you fail to refinance, your mortgage broke is still entitled to collect for these expenses.
2007-11-15 06:10:42 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Absolutely you can. Sounds like you've been played in the past. A lot of companies will pull the good ol' bait and switch....they quote you one thing and then your loan docs are completely different.
Most companies will want you to pay for an appraisal for security. If you decide to walk away, then they'll be stuck paying for the appraisal. You can negotiate this fee.
Let me know if you need any assistance or help with refinancing.
All the best!
Ryan Smith
2007-11-15 12:56:32 · answer #2 · answered by Anonymous · 0⤊ 1⤋
you can lock the rate as soon as the lender approves you.
but you maybe required to pay for the appraisal upfront.
remember if you dont qualify and need a different program or term then your rate changes!
2007-11-15 14:36:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
We have no upfront fees, but if you walk away from the loan, then you will be required to pay all fees.
abrock@fcmdirect.com
First Capital Mortgage
2007-11-16 14:48:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, you can negotiate this with the broker / lender.
A reputable company will "lock" your rate for a predetermined period, usually thirty days.
2007-11-15 12:58:39 · answer #5 · answered by Tom S 5 · 0⤊ 1⤋