What Fees Do Lenders Charge?
As some potential borrowers may know, there are a wide variety of fees and expenses that are associated with loan applications and agreements. You may want to gain a better understanding of the types of fees that lenders charge before applying for your desired loan product.
Generally speaking, all mortgage & home loan lending approvals attract fees, although fees being charged may vary from lender to lender depending on their individual rules and regulations. Mortgage lenders charge their borrowers fees to compensate for the administrative hours required to establish a new application. As we mentioned previously, there are various fees involved with the loan application and approval process that are charged by mortgage lenders, including the following:
- Settlement fees
- Lender legal costs inclusive of title search fees
- Cost of valuation
If you are concerned with the various fees and expenses involved with the mortgage application process, you have the opportunity to apply for a no-fee home loan or inquire with your mortgage lender about rolling the application fees and expenses into your mortgage.
A no-fee home loan is a type of home loan agreement outlining the one-time and ongoing fees to be waived for the borrower. This home loan option can save borrowers thousands of dollars over the life of their home loan, however, the required upfront fees may be rolled into the loans settlement costs depending on the borrowers lender. 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.