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What is an origination fee?

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What is an origination fee?

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A fee or charge for the work involved in the evaluation, preparation, and submission of a proposed mortgage loan.

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Typically, it is 1% of your loan amount, and works exactly like a discount point. If required, you can avoid all or part of this fee by paying a higher interest rate. Many loan programs and rates advertised are typically quoted assuming this 1% origination fee.

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Typically, it 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 higher interest rate.

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An origination fee is charged by a lender to cover the administrative costs associated with processing your loan. The origination fee is often expressed in points. One point equals 1% of the loan amount. For example, a $100,000 mortgage with a loan origination fee of 1 point would mean you pay $1,000.

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A fee charged to the borrower by the same lender for making a mortgage loan. The fee is usually computed as a percentage of the loan amount. 1% origination fee = 1% of the loan amount.

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