NBR: Loan pre-approval fees?

naclh2otaffy · July 2009

Are fees to get pre-approved for a loan (mortgage) standard these days? Last time I was in the market for one, I know that one place charged a fee for the application/pre-approval and two others didn't. I didn't go with the one that charged a fee and was actually insulted that they tried (it was our bank). I just called a previous non-charger and they said it would be $50. I don't like having to pay money to get money. Is this standard now?

Temp13436125005166 · July 2009

No idea if it's standard but we just went through this last month and paid a $50 pre-approval fee. Both Bank of America and USAA were charging that fee same.

Mrs.Purdue · July 2009

We bought our current house a year ago and had the same experience with our own bank wanting to charge us $50. I ended up going on lending tree and did my preapproval through them for free. Once we picked a house, we used a mortgage broker here in town (Eddie Reinhart) and he wouldn't have charged us either.

Abrooks · July 2009

We didn't get charged. That was 2.5 years ago though. But no one I spoke to was going to charge me.

Kristen0709 · July 2009

It's been 3 years but we were never charged a fee. That sucks if that's what they've started to do. Although, when we were talking about buying a new home in February the place we were going through never mentioned it even when we filled everything out.

JJ&BB1146 · July 2009

We just closed on our house and we weren't charged a fee to get pre-approved. We used UFCU. We also had to get an approval letter from BofA since the house was owned by them and they didn't charge us a thing, either.