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Updated almost 6 years ago on . Most recent reply
Pay 2% deposit to refinance mortgage
I have an offer for a 4.5% fixed for 10 years for 25 years mortgage for a commercial property to replace my 6% interest only owner financing & I can pull cash. Sounds like very good deal but I have to pay 1% application deposit to lock the rate & 1% commitment deposit to hold the mortgage. (Refundable ) then 1.5% mortgage banker fee $7500 for lender’s attorney fees. I am very uncomfortable for paying money out in advance. I am new to all these. Please advise.
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- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
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Originally posted by @Rosanna Tran:
I have an offer for a 4.5% fixed for 10 years for 25 years mortgage for a commercial property to replace my 6% interest only owner financing & I can pull cash. Sounds like very good deal but I have to pay 1% application deposit to lock the rate & 1% commitment deposit to hold the mortgage. (Refundable ) then 1.5% mortgage banker fee $7500 for lender’s attorney fees. I am very uncomfortable for paying money out in advance. I am new to all these. Please advise.
Run away as fast as you can. Upfront fees that aren't for an appraisal or credit report is suspicious