28 Jan 2023

How Long Does It Take for a Fee Waiver to Process?

Fee Waiver Benefit

Borrowers who have applied for a home loan product with their home loan lender and obtained an application fee waiver may want to learn how long it takes for a fee waiver to process. An application fee waiver is the act of a home loan lender waiving or refunding their borrower’s application fee. 

Home loan application fee waivers can take weeks, days, or minutes depending on the individual home loan provider and the processes that they use. If you are interested in obtaining a loan application fee waiver, you will need to negotiate with your current home loan provider. Applicants who have received approval on their home loan application have the best chances of obtaining an application fee waiver, while applicants who have been denied generally will not have access to a fee waiver. 

However, applicants who have not obtained a loan application fee waiver have various options to consider, including the following:

  • Applying for a no-fee mortgage
  • First-home buyers can check their eligibility for the First Home Owners Grant

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

Mortgage House is a non-bank lender that can provide potential borrowers with the potential of receiving fee waiver benefits, as well as offering no-fee home loan options.

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