19 Feb 2022

What Is the Application Fee Definition?

Application Fee Definition

The application fee definition remains straightforward. Homeowners, some lenders call it different terms. For example, Mortgage House also calls it the establishment fee. Other lenders refer to it as the origination fee. Nonetheless, all the variations define the same fee.

Lenders seek to finance the property purchases of committed buyers. Mortgage House works with owner-occupiers, first-time homebuyers, and investors. Loan specialists follow steps when they receive a new application. They must collect all the financial paperwork from the applicant. Plus, they must ensure that the homebuyers filled out the application completely. Loan specialists prepare the docket for the underwriting department. The more complete the application, the faster it moves through the rest of the channels.

It takes four weeks to three months to completely process a mortgage application. By preparing beforehand, homebuyers put themselves in a position to succeed. Only 10% of home loan applicants receive a rejection. Several others simply stop the process. Thus, a homebuyer’s odds of obtaining some financing remain in their favor.

To help homebuyers go through the process more efficiently, Mortgage House provides several online tools. For example, our mortgage repayment calculator gives individuals a clear picture of potential repayment scenarios.  

The establishment fee covers the legwork professionals complete behind the scenes. Mortgage House employs several proprietary tools to improve the process. Nonetheless, our loan specialists remain involved and communicate with their clients.

Application Fee Definition Conclusion

Mortgage House loan specialists can further expand on the application fee definition. In addition, they remain ready to help homebuyers become homeowners. Contact our team today.

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