Forgotten Your Password?

Need to Register?

Question Icon

Closing cost payments before closing date?

I live in Atlanta and I want to buy a new home to take advantage of the current housing market. I was approved by my bank and charged $50 for a credit report which was credited towards my application fee. My lender also told me to float my rate lock and when the best rate comes I can lock it. I just needed to pay $700 to make this happen and pay via credit card immediately and this amount would be credited once more to my closing costs. Is it normal to ask for closing cost payments before the close date? by jrkorson820 from Atlanta, Georgia. Nov 19th 2021 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Wow... I'm shocked to hear of both of those up-front charges. The credit report is a little more understandable, but still not very common. Charging an up-front lock fee is only common on very long-term rate locks, typically over 120-days. Feels to me as if you unfortunately may have not made a great lender decision. Good luck. I lend for properties in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132

Nov 23rd 2021
0
0
Subscribe to our news feed.