Charged On Mortgage Application

Expert, localized Los Angeles answers provided by Heather Roy

Charged On Mortgage Application
	Dear Edith Lank, I recently secured a home equity loan.I used a web site and received many quotes but one lender which I did not use, recently sent me a bill for $350 for an appraisal they did. Is this a normal thing, for them to charge me even though I declined their offer.Very high, much higher interest rate, was their offer. When I called the bank they told me their normal charge is usually $400 for an appraisal.Is this acceptable?Should I pay the bill?

	I don’t know how that web site works, but if you made a mortgage application you should have received notice about application fees. Such charges are usually non-refundable even if you don’t accept the loan offer, because someone has to do the appraisal work and get paid for it.
	Edith Originally published on June 6, 2006

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