Question: Please send opinions on my problem. At what point in shopping for home > loan should a buyer be obligated to pay any of the brokers fees?
> I am a first time buyer. I was looking for a loan and went to this loan > broker at the suggesting of our agent. The loan broker has a some > connection to this large nationally know real estate agency. So I’m sure > that why I was sent there.
> Being a first time buyer, I am unsure of some of the procedures in > obtaining a home loan. The loan broker presented what he called “a very > good loan” for me. He ran a credit check at the beginning to pre qualify > us. However, he seemed to want to push it through really quickly. So > reluctuntly, because of my time frame, I filled out a application to see > if I could even qualifiy for the loan.
> At that point, I began recieving forms to sign. As if they were pushing > the loan through QUICK!! During this time, I looked at other loan and > found a better loan more suited to our situation. I was give more options > on the loan by a bank than the so called “loan broker ever gave. The loan > broker had scheduled an appraisal but i cancelled that. Even after that he > seem to continue with the application. Now I have choosen to go with > better loan and NOT the loan broker, the broker has gotten real nasty and > I get the feeling I’m going to get some kind of bill.
> My question is, Did I allow the process to go to far and am I obligated to > pay for his time or the credit check or anything else?
> I can give more info if needed
Answer: If you got a government loan (VA or FHA) and this broker has possession of the case number then the following charges apply before he has to release the case number: loan processed and appraisal completed: 1/2% of LA loan underwritten and approved: 1% of LA loan underwritten and denied: 1/2% of LA On the above, you didn’t need to sign anything, they apply anyhow. If you signed agreeing to fees applicable if you transfer, they would apply also. without him releasing the case number, no one else can work on the loan. This broker may have the same option as the other one, call and ask, it can’t hurt. It’s a practical impossibility to cover every loan with everyone, but he may have what you want. –
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