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Some loan companies ask for upfront fees before processing a loan. Is that legal?

April 26, 2017companies fees Legal loan upfront

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Some loan companies ask for upfront fees before processing a loan. Is that legal?

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Yes. Many companies require a non-refundable credit report fee and an up front appraisal fee. These fees generally cost the borrower $350.00 to $750.00. If the loan doesn’t go through, the borrower is out the money.