Dictionary of Real Estate Terms: loan application fee
loan application fee
a charge required by a loan originator to be paid by the borrower to cover the credit report, property appraisal, and other incidental expenses associated with underwriting the loan. The fee is generally not refundable.
Example: Home Mortgage Company charges a loan application fee of $250 to process a mortgage application. The prospective property buyer/mortgage borrower brings the purchase contract to a loan officer at Home Mortgage Company.
