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Application
fees
A sum of money
paid towards estimated initial mortgage processing
expenses such as appraisal and credit report.
Not all mortgage providers have application fees,
check with your loan professional about their policy.
Your application fee should be disclosed on the
good faith estimate that you receive after you have
applied for your loan.
Application fees are very common and are generally
non-refundable.
Application fees are just one of the many initial
out of pocket fees you may be expected to pay in
a purchase. You should also be prepared to pay a
deposit fee or earnest money deposit with the bid
on a house, if you get a home inspection, radon
test, pest inspection, appraisal, etc. you may be
expected to pay the fee for those services up front
as well.
Application fees generally range anywhere in
price from $200 to $1000.
Often you can negotiate your application fees.
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