31 Jan 2022

Is the Application Fee Refundable for the Mortgage?

Application Fee Refundable

When homebuyers apply for a mortgage, they incur a series of fees. Sometimes the application fee is refundable. In addition, some fees qualify for waivers.

Upfront home loan fees that homebuyers incur include:

  • Application
  • Legal
  • Government
  • Search processing

All the fees associated with a mortgage cover the administrative work that takes place behind the scenes. Mortgage House engages proprietary tools to efficiently evaluate applications. We have eliminated redundancies in the process. This gives our team more time to find solutions that fit every homebuyer and investors’ financial goals.

Mortgage House offers a no-fee home loan. We also waive the fees in some cases including ongoing fees. Ongoing fees include:

  • Monthly service
  • Annual
  • Late payment

The good news is that several ways to tackle fees exist. We understand that homebuyers find themselves in cash-strapped situations when they purchase a house. In addition to saving for the deposit, you must take care of packing and moving costs. Plus, some pay off existing debt to improve their financial position. Fees become another component that requires spending. 

To help homebuyers, Mortgage House allows you to roll fees that we cannot waive into the total home loan borrowed. In other cases, we can roll the costs into the exit and closing stage. Our goal is to help our clients achieve their financial goals including access to our business loan.

Application Fee Refundable Conclusion

Mortgage House has situations when the application fee is refundable. To start the process, contact our loan specialists. They will discuss the fees and what qualifies for a waiver.

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