Request Copies of Documents. Credit report fees and appraisal fees are generally not refundable once the work is performed, but lenders are required by law to provide applicants with copies of those documents. However, consumers must ask for them. Credit reports and appraisals may be reusable with other lenders for 30 to 90 days. Also, note that an applicant who has doubts about being approved for a mortgage due to bad credit can ask the lender to perform a credit check to determine the likelihood of the mortgage's approval, before ordering an appraisal.
Many lenders advertise closings within a specific time frame.
Because time is of the essence in most home purchases, consumers should ask how long it will take to get a mortgage commitment once the proper documentation has been provided to the lender, and how long after receiving a commitment will the closing occur. Find out the percentage of closings that actually go through within the time frame stated by the lender. Finally, ask the lender if any application fees will be returned to you if a mortgage commitment is delayed because of negligence on the part of the lender. Note that some lenders, particularly those that charge high application fees, take on more applications than can possibly be processed in a timely manner. It is imperative to ask about the interest rate and point structure, because these rates fluctuate daily.