GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Loan Application Fee


Synonyms:commercial mortgage fee, loan fees, surcharge
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of loan application fee

loan application fee
1. A sum charged by a lender for accepting a document in which a prospective borrower details his or her financial situation to qualify for a loan.

Related Terms and Acronyms:

  • application fee   What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • late charge   A fee imposed on a borrower for not paying on time
  • loan   Letting another party use something of value temporarily.
  • loan application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • origination fee   The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.

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