Legal Question in Real Estate Law in New York

is it legal for a mortage company or lender to charge an application fee

is it legal for a mortage company or lender to charge an application fee which they say is refundable at closing.

thank you

john


Asked on 6/22/03, 8:14 pm

3 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: is it legal for a mortage company or lender to charge an application fee

Yes, they all do it.

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Answered on 6/22/03, 8:45 pm
Arnold Nager Arnold H. Nager, Esquire

Re: is it legal for a mortage company or lender to charge an application fee

Absolutely.

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Answered on 6/22/03, 8:52 pm
Walter LeVine Walter D. LeVine, Esq.

Re: is it legal for a mortage company or lender to charge an application fee

Yes, most lenders charge a fee. Usually around $250-$300.

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Answered on 6/23/03, 10:38 am


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