Advance Fee for Pre-approval on mortgage loan?
I was pre-approved for a home mortgage. The company said there will be a $ 350 fee if I decide not to accept their offer. Is this a scam?? I applied online, but discussed the details with them on the phone. They said the fee was just an incentive to go back to them with any other better offers I receive. They said if they could not match the deal, I would NOT be charged the $ 350 fee. I agreed to do it and gave them my debit card info over the phone. I received a confirmation letter – it does not say anything about any exceptions. It reads that I will be charged if I do not close on a loan with them. I sent an email back to my contact person today, but no reply yet.
I just wanted to see if anyone else had any experience with this type of mortgage loan. Thanks!