Mortgage Origination Charge
Mortgage Origination fee is the amount charged to the home buyers by a mortgage lender for processing their loan application.
When to pay it?
This fee has to be paid by the buyer at the time of closing.
How much is it?
The lander determines this fee. It could be a small percentage of the amount of loan or could depend on other factors.
What if I change my mind about getting mortgage?
Mortgage origination fee is no obligation fee. Before closing, if you change your mind about not to get mortgage but to pay the house in cash, then you don't have to pay any origination fee. This applies to the situation when the lender has been already processing your application, checking your credits, you been filling up forms and reviewing disclosure or even lender has fully approved your loan application.