Question:

Do I have to pay a mortgage application fee?

Answer:

Mortgage application fees are usually paid upfront to the mortgage company at the time of submitting your application. This is the way to distinguish serious buyers from the pool of applicants and reduce application processing time. There is certain analysis and respectively labor involved in processing your data, selecting the most appropriate loan programs for you and matching you up with the appropriate lender.

However, there are many businesses out there trying to earn you as a client and while some will charge you an application fee, many others both online and in the community will not. In the most you should be asked to reimburse the credit report they will run on your behalf. This should cost you no more than 40$. Fees exceeding at large this amount signify the company is profiting from you at an early stage and you may better switch to another loan provider.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
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Why: Know and protect your credit report and score.
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Why: Find your next home and save money.
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Common misspellings: mortage and morgage