Can I Expect a Refund of Application Fees After Formal Approval?
A home loan incurs several fees during the application process. The fees cover the administrative work that goes into processing, reviewing, and checking each application. You work with the loan specialist, but behind the scenes, there are several more people working on your application, such as the underwriting department.
Mortgage House charges a fee to establish the loan application. The fee covers the initial costs associated with putting together your application packet. In cases where an application is turned down, the fee is not refundable. Applicants who decide to cancel their application after three days will not qualify for a refund. In cases where the applicant receives formal approval, we might refund the fee.
Each lender follows its own protocol in terms of fees. Mortgage House clients incur the application establishment fee, valuation fee, and guarantee fee. Some loans are administrative-intensive, so the paperwork will explicitly state that the application fee is not refundable. Our paperwork will also outline the circumstances when a fee refund is made available.
We take into consideration our business relationship with each client. Sometimes, we waive the application fee after a formal approval as a courtesy. Our team also considers fee waiver requests that are written and handed to us.
Refund of Application Fees Conclusion
There are circumstances when it’s possible to refund of application fees. When you meet with our Mortgage House lending team, feel free to ask questions about the fees. We also discuss current home loan rates. You can also double-check if your loan qualifies for a refund if a formal approval offer is made to you.