Avoid Lender ”Fee Traps”

It is unfortunate, but its fairly common for homeowners to pay for an appraisal on their home even though they haven’t been qualified for a mortgage. Let me explain what happens…loan officers often rush the client into paying for an appraisal in order to “close the mortgage as soon as possible.” However, you shouldn’t have to pay for an appraisal until you’re notified that your loan is approved. And, you don’t want to put yourself in a position where you feel like you can’t shop around to find better options because you already feel financially committed since you’ve already paid for the appraisal. So, to save yourself from any unwanted grief, don’t pay for your appraisal or any fees at all, until you are 100% confident that your loan is approved.