25 Jan 2023

Do I Get a Refund on My Application Fee If I Am Approved for a Mortgage Loan, or If I Do Not Proceed?

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Potential borrowers who have applied for the loan option that best fits their individual needs may want to know if they get a refund on their loan application fee if they are approved for a mortgage loan or if they do not proceed. 

Generally, you will not automatically obtain a refund from your home loan lender on the application fee if you are approved for a mortgage loan or if you do not proceed with the approved application. Borrowers who have received approval on their loan application have the potential of negotiating interest rates, fees, and costs with their mortgage lender. During this process, you can bring up application fee waivers. Some lenders will opt to waive the up-front fees for applicants, while others offer to have the upfront fees and costs rolled into the borrower’s mortgage. 

If you have not received approval on your mortgage loan application or decide not to proceed with an approved mortgage loan application, you are generally not eligible to obtain a refund on your application fee. Potential borrowers who are concerned with the various fees and expenses involved with the mortgage application process can apply for a no-fee home loan or inquire with their provider about rolling the application fees and expenses into their mortgage. A no-fee home loan is a type of home loan agreement where the one-time and ongoing fees have been waived. This home loan option can save you thousands of dollars over the life of yourc home loan.

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