I want to begin searching for a house.
I got all the way to the end of the loan pre-approval process, largely done on-line with a faxed verification, I was approved at the level I wanted to be per follow-up phone call, and then this Lender-who-had-the-best-deal said essentially:
“M’kay That’ll be 350 non-refundable dollars & if you don’t find a house in the next 45 days to use this loan/rate you lose the rate & the deposit too.”
This is a major lender. GQ:
- Is this fee with a non-refundable drop dead date Standard Operating Procedure for pre-approval mortgage loans?
2.If yes to 1, is $350 out of line?