Anonymous
Posted on: 28th Jun, 2005 09:40 pm
Why do I have to pay a fee to apply for a loan?
Hi Guest,
Welcome to Mortgagefit forum.
To apply for a loan, you will have to pay around $200 or $300 to the lender as an application or processing fee. This makes up for the cost in case you wish to terminate the loan within 3 business days of its application or if your loan is denied.
Hope this information explains why it is needed to pay.
Regards
Jessica.
Welcome to Mortgagefit forum.
To apply for a loan, you will have to pay around $200 or $300 to the lender as an application or processing fee. This makes up for the cost in case you wish to terminate the loan within 3 business days of its application or if your loan is denied.
Hope this information explains why it is needed to pay.
Regards
Jessica.
A loan fee is expressed as points or as a percentage. A one point or one percent loan fee is equal to 1% of the total loan amount.
Ken
Ken
Hi Guest,
Proceesing fees is being charged so that lender can recover admimstration charges
Proceesing fees is being charged so that lender can recover admimstration charges
not every lender collects a fee upfront; most fees that are collected would be third-party fees, such as an appraisal fee.
