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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Commitment Fee


Synonyms:assurance fee, deposit, solidify obligation
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of commitment fee

commitment fee
1. A sum paid by a borrower to a lender in exchange for a promise to lend money on certain terms for a specified period.

Related Terms and Acronyms:

  • commitment   A written agreement from a lender promising to lend money on certain terms for a specified time period.
  • finance charge   Charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums, and other loan-related charges.

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