I can't totally advise you, without knowing all the facts of this case, BUT, I would be careful about paying fees. Lenders and RE people are paid very well for successful transactions. In Texas, it might be customary. Here in CA, it is not.
If it turns out that you can't buy a house by financing it, don`t give up. There are other ways.
I am a Mortgage Consultant with Platinum Mortgage and we do FICOs as low as 580 and non-occupying co-borrower. We have also dowpayment assistance programs. We even work with you if you have old collections on your credit record (conditions apply). You need to contact someone that will take the time to check your possibilities or in the worst case scenario, provide a path for you to be able to qualify. We do this also with a re-score that will be able to tell you which accounts to pay and how much so you can qualify.
Please answer a few questions on this link http://www.lamortgagehomeloans.com/Loans/purchase.html and and send the email to me that I will be able to give an idea without a credit check. You can contact me by phone or visit our office so that I will be able to check all the possibilities.
Getting approved for a loan should never require a fee. Why were you denied a loan? Take a good look at why you were denied and begin working to correct whatever issues caused your application to be denied. Perhaps you may need to pay down some debt, which is not a bad idea anyway. Maybe your credit score were a bit lower than required. You can begin working on raising your fico scores. Maybe you are too new on your job.
Bottom line, work on whatever made your loan app be denied and then try again at a later date, but never ever ever pay for loan pr approval.
When people are asking you for money upfront for real estate or mortgage-related services, RUN! It is your right to obtain a copy of your credit report if you paid someone to a fee for the credit check, and you also get one free annual credit report at http://www.annualcreditreport.com. Don't be duped by the other sites that want to charge you for some monthly credit monitoring program.
If you want some general information and resources on improving your credit scores, mortgage rates, mortgage calculators, bankrate.com is a great website. Please contact me if you want a referral for a reputable lender. I specialize in real estate in Long Beach, CA, as well as areas of LA and Orange County.
Best of luck to you, and let me know if I can help you find a home!
Please feel free to contact my lender directly. There are no fees and he will guide/advise you on the directions/steps to take.
Phone: (800) 266-2109
Cell: (949) 244-5008
Fax: (949) 365-1116
Keller Williams Realty
Hi Sarah: There should NEVER be a fee for a mortgage consultation or prequalification. If you are being charged a small fee for a credit report, then that would make sense. Otherwise, there should be no fee if they're a reputable lender.
Please contact me if you would like assistance, as I do offer assistance to those with credit challenges. I hope this has helped :)
I would not pay a fee to speak to a loan rep. Perhaps you could try another lender and see if they can counsel you on how to get your credit and other qualifying criteria in line so that you can qualify for a loan soon.