I'm hoping that someone out there knows enough about mortgages to help me understand this.
In all my good faith estimates there was no Lenders Inspection Fee listed. Now that I am getting ready to sign the actual paperwork, it now appears to be around $1500.
From what I can gather from the internet, this fee is generally around $100 and common for new construction. The house that I am buying is no where new construction. What else can factor into this number? Or is it simply profit for the mortgage guy?
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Help understanding "Lenders Inspection Fee"
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Help understanding "Lenders Inspection Fee"
by buyer » Wed May 23, 2007 8:09 pm
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by deejayoh » Wed May 23, 2007 9:06 pm
Lenders don't do an inspection. That's your choice as the buyer - and generally you get charged about $400 (the value of which is questionable)
They do usually charge for an appraisal - but again, $1500 way off base. I don't have any of my old GFE's but my recollection is that it's usually $3-400 for this
in any case, if it's not in the GFE, you shouldn't be paying it. Probly going right into your brokers pocket.
They do usually charge for an appraisal - but again, $1500 way off base. I don't have any of my old GFE's but my recollection is that it's usually $3-400 for this
in any case, if it's not in the GFE, you shouldn't be paying it. Probly going right into your brokers pocket.
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