17 Feb 2022

What Is a Mortgage Application Fee?

Mortgage Application Fee

All lenders charge a mortgage application fee. Although they will not refund it, it’s possible to waive it. Some home buyers qualify for grants that help pay for them such as first-time homebuyers. 

This fee covers the administrative work that takes place behind the scenes. First, loan specialists establish a docket for each application. As the application makes its way through the various departments, several people put their fingerprints on the paperwork. 

For example, those that enter underwriting, receive a pre-approval. Then, specialists verify the homebuyer’s income. The appraisal, title search, and final decision round out the process.

Mortgage House opened its doors in 1986. For over three decades, we have pushed innovation into the lending industry. Part of our success comes from the propriety technology tools we developed. The tools help our loan specialists evaluate applications efficiently. This allows them more time to find the best home loan for most homebuyers. Although we emphasise using technology to process the paperwork, we have team members who conduct quality assurance checks too.

Thus, the fees cover the work of humans and technology. 

The good news is that Mortgage House works with clients to defray upfront costs and during the life of the mortgage. We can find strategies to waive them or pay them in a different manner.

Mortgage Application Fee Conclusion

Lenders charge a mortgage application fee upfront to start the process. However, some strategies exist that help defray them. To explore your mortgage choice options, contact our Mortgage House loan specialists. They will discuss what is available based on your current financial circumstances.

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