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How do I avoid pre-qualificiation and pre-approval service fees?

My budget is limited right now. Are there any loopholes? Thank you by arthurdoug34923976 from Dover, Delaware. Mar 11th 2015 Reply


Crestico Funding (CresticoFunding)
#3 ranked lender in California - 337 contributions

There should not be charge of any sort for pre-qualification or pre-approvals.

Mar 11th 2015
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Irv Brockington (CoachIrv)
#59 ranked lender in Pennsylvania - 4 contributions

You should never be charged for a pre-approval or pre-qualification.

Mar 11th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

As the others have said, there should NOT be any charges for these fees.

Mar 11th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

You avoid them by not dealing with the big box banks (ie, Wells Farog, etc..) Most all mortgage brokers do not charge any fees up front.. but a lot of the big banks do.. Plus, there are many options to help get your closing costs paid.. too many to list here.. so for this reason I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 11th 2015
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

To be honest, I would not go with any company who charged you an upfront pre-approval or pre-qualification fee. With most lenders and brokers they will do this for free. Best wishes, Sean

Mar 12th 2015
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