Can the Loan Application Fee Be Waived?
A homebuyer must plan for several fees and costs. In addition to agreeing to repay the home loan monthly until the end of the term, the homebuyer incurs several fees in the process. The loan application fee gets the ball rolling. It covers the administrative work related to opening a file for the homebuyer. Sometimes applicants begin the process and don’t see it through until the end. Therefore, the lender must cover the time their team spent on starting the docket.
Homebuyers who see the application through a decision may see their fee waived. It depends on the situation. In situations when the fees do not qualify for a waiver, it’s possible to roll them into the total mortgage. Upfront fees start at $600 and range to $3,000. However, these far are on top of the other expenses homebuyers incur such as moving.
The loan application fee shows the lender that they have a client who is serious about the process. Mortgage House offers a no-fee home loan to consider too. In some cases, our team can move the fees to the end of the mortgage. The good news is that several solutions exist to help homebuyers become homeowners. For example, first-time homebuyers can apply for a one-time grant from the Australian government. The amount helps cover the up-front fees associated with applying for a home loan. They also discuss potential home loan interest rates.
Loan Application Fee Conclusion
Sometimes Mortgage House can waive the loan application fee. To discuss it further, contact our loan specialists.