How Do I Avoid Mortgage Fees?

When you decide to apply for a home loan product, you will realise that there are a variety of fees and expenses associated with the loan application process. You may want to learn more about how they can avoid funding the various mortgage fees associated with their chosen home loan product.

You can successfully avoid paying for the various required mortgage fees through different ways, including the following examples:

• Applying for a no-fee mortgage
• First-home buyers can check their eligibility for the First Home Owners Grant
• Negotiate cash rebates with your lender

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 home loan lender 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 their home loan.

As we mentioned previously, there are various fees involved with the mortgage application and approval process that you may be required to pay, including the following:

• Settlement fees
• Lender legal costs inclusive of title search & government fees
• Cost of valuation

The FHOG can allow first-time borrowers to receive financial assistance with the mortgage application and approval processes if they are determined eligible. The funds received from this grant can be put towards the required mortgage fees allowing borrowers to avoid paying for them out of pocket.