What Is a Fee Waiver Benefit?
There are various fees and expenses associated with the loan application process that potential borrowers should be aware of. A home loan application fee waiver benefit is a benefit that allows the applicant to avoid paying for the required application fee or be reimbursed for the fee when their application has been processed and approved.
Home loan providers occasionally offer application fee waiver benefits to their new or existing clients. The home loan provider will either waive the home loan application fee during the application process, or reimburse their clients after their application has been approved. However, home loan applicants will still have the potential of gaining access to an application fee waiver benefit even if their loan provider does not offer this bonus.
Applicants who have been approved for their home loan application have better chances of gaining access to a fee waiver benefit than applicants who have been denied. An applicant will be able to discuss obtaining a fee waiver benefit with their home loan provider during the process of negotiating the fees, terms, and mortgage repayment frequencies of their home loan product.
Potential borrowers and homeowners who are concerned about paying the expenses that are associated with the home loan application process should discuss rolling the upfront and ongoing fees into their mortgages or research no-fee home loan products.
A no-fee home loan product allows the borrower to avoid funding the various upfront and ongoing fees associated with home loans and mortgages, resulting in the potential of saving thousands of dollars over the life of their loan product.