One of lenders I am working with is asking for 750 pre payment to finish he application, which has lie, 30 pages of signatures.

The other lender gave me a preapproval letter. Is the 750@ normal thing? First time home buyer here, feel like I’m about to screw myself over.

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Believe it is illegal to collect payment at this stage… CFPB has requirements that protect the consumer which prevent the requirement of payment to complete an application. If consumers had to pay 750 every time they wanted to apply for a mortgage, it would be very difficult if not impossible for people to shop and find the best terms.

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This is correct. Payment collection is illegal before intent to proceed. Exception for small stuff like credit report. 750 sounds like an appraisal.

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Yeah ditch the lender that’s asking for prepayment and possibly report them. You shouldn’t be paying anything until you lock a rate and/or close.

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Nope!!! Unless it’s specific thing like an appraisal but that’s too early for you.

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No, no no no no

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Only thing I paid before close was a 695 appraisal fee.

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Great - this is what I needed to know. Thank you

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