Is it unheard of to have to pay a fee for a pre-approval?

NPbride Posted: Nov 19, 2004 03:02 PM

Is it unheard of to have to pay a fee for a pre-approval?

I called one bank and they charge a $95 fee for a pre-approval. I thought that was odd. Anyone pay for their pre-approval? Thanks!

Kriss2c Posted: Nov 19, 2004 03:22 PM

Re: Is it unheard of to have to pay a fee for a pre-approval?

We didn't have to pay for ours, but it's not uncommon.... some banks will take off the pre-approval amount from the actual loan application processing fee, if you do decide to mortgage thru them.

papabear Posted: Nov 19, 2004 06:33 PM

Re: Is it unheard of to have to pay a fee for a pre-approval?

Posted by NPbride

I called one bank and they charge a $95 fee for a pre-approval. I thought that was odd. Anyone pay for their pre-approval? Thanks!

Not unheard of but pre-approvals are pieces of paper that any bank can give you - i would shop elsewhere unless you know you will get the loan from them

september2004 Posted: Nov 19, 2004 06:38 PM

Re: Is it unheard of to have to pay a fee for a pre-approval?

that seems steep. i would get approved the least expensive way possible and only do it once as you don't want multiple inquiries on your credit as it can affect your score (stupidest thing i ever heard of, but hey, i don't make the rules).

since you don't know where you will get your actually mortgage, when it's time to shop around, what we plan to do is take our pre-approval and present it to other banks if they are requesting we get approved with them. i will refuse to do so and simply request they give me their best rate. if they are unable to do this, then they will not get my business...