Why do you pay a fee to get preapprov...

Why do you pay a fee to get preapproved for a home loan?

Posted in the Lyndhurst Forum

aleshatullis557

Seattle, WA

#1 Nov 14, 2013
Why do you pay a fee to get preapproved for a home loan?My brother is shopping for homes and getting a preapproval. He went to Bank of America and was told it costs $50, Kinecta Credit Union $75, and Wells Fargo a high $290 fee. These fees are either applied to the costs of the loan, or specifically the final "application fee" which is much higher. Assuming you actually go through that lender when you buy your home because if not you eat those costs. If you have good credit, should you be charged a preapproval fee, aren't these supposed to be free?
cindiecowdrey806

Seattle, WA

#2 Nov 14, 2013
aleshatullis557 wrote:
Why do you pay a fee to get preapproved for a home loan?My brother is shopping for homes and getting a preapproval. He went to Bank of America and was told it costs $50, Kinecta Credit Union $75, and Wells Fargo a high $290 fee. These fees are either applied to the costs of the loan, or specifically the final "application fee" which is much higher. Assuming you actually go through that lender when you buy your home because if not you eat those costs. If you have good credit, should you be charged a preapproval fee, aren't these supposed to be free?.
This site can help you finding the best option for you:@www.credit-solutions.info

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