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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Origination Fee


Synonyms:loan origination fee
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of origination fee

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:

  • assumption fee   A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
  • interest rate (IR)   The rate a lender charges an individual to borrow money.
  • loan   Letting another party use something of value temporarily.
  • loan application fee   A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • mortgage (mtg)   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.
  • mortgage application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Mortgage Broker (MB)   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.
  • mortgage rate   The interest rate on a mortgage loan.
      ➥  You can compare mortgage rates using this website by clicking 'Rates' above.
  • origination date   The date on which a loan is funded.

More Related Terms and Acronyms

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