Question:

What is a home loan application fee?

Answer:

There are many costs associated with the process of acquiring new home. Some of them are the home loan application fee, government fee, property valuation, etc. The home loan application fee is charged by the mortgage professional to cover the expenses to initially process the home loan application.

It may include different costs related to the application process such as obtaining credit and property valuation report, and other. Some times those costs will be charged separately and the home loan application fee will be charged as a stand-alone cost. However, there are plenty of mortgage businesses on the market and this gives you a chance to stumble on a mortgage business that are willing to waive the loan application fee for you in order to attract you as a client.

You should also consider other mortgage related fees such as the loan origination fee before you lock on a lender. Given that the loan origination fee represents a much greater part of the loan-related expenses compared to the loan application fee, non-existent loan application fees should not be the criteria you use to choose a lender.

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