Add Fees
Wednesday, November 10th, 2010| Account limit of 2000 requests per hour exceeded. |
Is it legal for a Mortgage Lender to Add additional Fees and requirements months AFTER Good Faith Estimate?
Good Faith estimate came in 54% funding not 80%, various additional fees, impound account requirement, Prepayment penalty - NONE of which was specified in the Good Faith Estimate AND the Lender will not explain WHY. We are days from closing - stress city!
They are infamous for doing this. You should contact your attorney and explain the situation. If your contract is contingent upon financing I would find another mortgage company. I would definitely not sign the contract till the terms are favorable to you and seek out a Up Front Mortgage Lender in your area they disclose all fees and do not play games, or a widely recognized bank (Country Wide is good, Bank of America has horrible rates and high closing costs). The downfall is that you will lose your appraisal fee and other application fees.