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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