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Talking about your mortgage: Loan origination fee
The origination fee (also called underwriting fee, administrative fee, or processing
fee) is charged for the lender’s work in evaluating and preparing your mortgage
loan. This fee can cover the lender’s attorney’s fees, document preparation
costs, notary fees, and so forth.
Estimated cost: 1% to 1.5% of the loan amount
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Mortgage Terms Defined:Lock-in
refers to a written agreement guaranteeing a home buyer a specific interest
rate on a home loan provided that the loan is closed within a certain period
of time, such as 60 or 90 days. Often the agreement also specifies the number
of points to be paid at closing.
Mortgage Terms Defined:Overages
are the difference between the lowest available price and any higher price that
the home buyer agrees to pay for the loan. Loan officers and brokers are often
allowed to keep some or all of this difference as extra compensation.
Refinance.net is committed
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rates and information on mortgage refinancing
loans. We are not a loan originator,
agent, broker or carrier. We simply
provide relevant information and a
more convenient method for consumers
to request refinancing quotes from
licensed professionals near their
homes.