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Beware of junk fees on home equity loan

Aren't some charges usually paid by lender?

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, July 16, 2006. DEAR BOB: After reading your recent list of "nonsense" mortgage junk or garbage fees some lenders try to impose, when I recently applied online for a home equity loan I realized I was about to become a victim of a major lender. The lender wants to charge me a loan origination fee, appraisal fee, credit report fee, processing fee, underwriting fee, flood certification, funding fee, $100 escrow settlement fee, $150 title fee, $15 courier fee, $15 wire fee, $75 recording fee, $80 intangible tax and $235 mortgage tax. What is your evaluation of these charges for a home equity loan? --Marydelle P. DEAR MARYDELLE: Most of those are unnecessary junk fees you should not pay. Purchase Bob Bruss reports online. Virtually every local bank and credit union will eagerly make you a home equity loan or home equity credit line (HELOC) without ...

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