Origination Fee

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • loan origination fee

Definition of Origination Fee

  1. A fee charged by the lender to the borrower for processing a loan. The fee includes the costs for preparing loan documents, checking the borrower's credit history, inspecting the property, and conducting an appraisal if applicable. CanEquity tries to use lenders who do not charge this fee, but we will cover the cost in full if using such a lender necessary.

Related Terms and Acronyms

  • Mortgage Application Bank, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Closing Date (cloda) Bank,
    • The date a buyer takes possession of a property title.
  • Acquisition Fee Bank,
    • A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Loan Bank,
    • Letting another party use something of value temporarily.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Loan Origination Bank,
    • The process of applying for a loan and the handling of that application by a lender.
  • Loan Application Fee Bank,
    • A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
  • Loan Application Bank,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Interest (IN, int) Bank,
    • Money paid for the use of borrowed funds, usually expressed as an annual percentage.
    Bank account transaction code.
  • Amortized Loan Bank,
    • A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
  • Assumption Fee Definition,
    • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • Origination Date Bank,
    • The date on which a loan is funded.
  • Mortgage Broker (MB) Acronym, Important,
    • One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
  • Interest Rate (IR) Bank, Very Important,
    • The rate a lender charges an individual to borrow money.
  • Flat Fee Bank,
    • A fixed charge that a broker requests instead of a commission.
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