21 Dec 2022

What Does Fee Waived Mean?


When it comes to researching the various aspects of applying for a loan, potential borrowers may want to learn more about certain terms, such as waived fees, and what they indicate. Waived fees refer to the partial or full release from being required to pay a fee. 

Some mortgage lenders offer application fee waiver benefits to new clients, which allows the client to either avoid paying the home loan application fee or be reimbursed after the application has been processed. Applicants still have the potential of gaining access to an application fee waiver even if their mortgage lender does not offer it. 

Applicants who have received approval on their home loan application have a higher chance of receiving an application fee waiver than applicants who have been denied. The applicant who has been approved for their home loan application can negotiate an application fee waiver with their mortgage lender when they are negotiating the terms, interest rates, and repayment frequencies, however, this does not mean that their lender will agree to an application fee waiver. 

The application fee for a home loan product covers the administrative work that goes into checking, reviewing, and processing each application. Potential borrowers who are concerned about the various fees and expenses involved with the home loan application process can inquire with their lender about rolling the fees and expenses into their mortgage or apply for a no-fee home loan. 

A no-fee home loan is a home loan product that has waived the ongoing and upfront fees and expenses associated with the home loan, which has the potential of saving borrowers thousands of dollars over the life of their loan. 

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