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

  • Amortized Loan Definition,
    • A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
  • Origination Date Definition,
    • The date on which a loan is funded.
  • Mortgage Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Closing Date (cloda) Abbreviation,
    • The date a buyer takes possession of a property title.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Acquisition Fee Definition,
    • 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.
  • Loan Application Fee Definition,
    • A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
  • Loan Origination Definition,
    • The process of applying for a loan and the handling of that application by a lender.
  • Flat Fee Definition,
    • A fixed charge that a broker requests instead of a commission.
  • 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.
  • Assumption Fee Definition,
    • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • Loan Definition,
    • Letting another party use something of value temporarily.
  • Interest (int, IN) Acronym & Abbreviation,
    • Money paid for the use of borrowed funds, usually expressed as an annual percentage.
    Bank account transaction code.
  • Loan Application Definition,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • 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.
  • Interest Rate (IR) Acronym, Very Important,
    • The rate a lender charges an individual to borrow money.
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