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What is an origination fee?

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What is an origination fee?

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The amount charged for services performed by the company and/or mortgage company handling the initial application and processing of the loan.

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Sometimes called a “point”, this fee cover’s the lender’s administrative costs in processing the loan. Often expressed as a percentage of the loan, the fee will vary among lenders. Be sure to ask the lender if the rate quoted includes an origination fee.

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This is a fee or charge paid by the borrower for evaluating, preparing and submitting a proposed mortgage loan. The origination fee is paid to the lender and is sometimes referred to as points. (For FHA and VA loans this fee is limited to 1% of the loan amount).

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The amount charged for services performed by the company handling the initial application and processing of the loan.

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In Minnesota, rates are typically quoted assuming a 1% origination fee. An origination fee is 1% of your loan amount, and works exactly like a discount point. You can avoid all or part of this fee by paying a little higher interest rate.

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