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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Application Fee


Synonyms:bill, invoice, processing cost, service fee, statement
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of application fee

application fee
1. Lenders charge a fee to process the application or document as filled out by a prospective borrower to qualify for a loan. The application generally details the financial situation of the borrower and must be reviewed before a loan decision can be made.

Related Terms and Acronyms:

  • closed-account fee   A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
  • closing costs   The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
  • commercial mortgage   A mortgage for commercial property.
  • late payment   A sum a borrower sends to a lender that is received past the date when it was due.
  • loan application fee   A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
  • pre-paid expenses   also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
  • umbrella mortgage   A specific arrangement where one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payment(s), to lender(s), while the mortgagor makes one payment to the mortgagee. Also referred to as a wraparound.

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