Applying for your mortgage loan is one of the first steps of the mortgage process. And many lenders will charge you an application fee when you apply. But at OVM Financial, we believe home buyers should be able to put more money toward their new house, and less money toward administrative fees.
OVM financial does not charge any application fee for a mortgage. If you want to get approved for a home loan without a fee, contact us!
So why do other lenders charge an application fee? And how much do they charge?
The mortgage experts here at OVM Financial are happy to break down the basics of application fees in this article.
How Much is the Application Fee for a Mortgage?
The mortgage application fee can vary, but lenders who insist on a fee typically charge somewhere around $500. This charge covers the time required by a lender to review your loan application, as well as your financial documentation, to 1) confirm that you qualify for a loan, and 2) determine how much money the lender is willing to loan you.
Many lenders will charge this fee per applicant, so if you’re applying with one or more co-borrowers, the fees can add up fast.
There’s No Need to Pay an Application Fee!
OVM believes in making homeownership accessible. That’s why we:
- Actively reduce unnecessary barriers to financing, like application fees.
- Provide educational resources to help you comfortably navigate the mortgage process. For example, you can get a quick overview of the steps to closing on a house or learn more about why you shouldn’t change jobs during the mortgage process from our blog.
- Make the process as easy as possible for you. We know buying a house is a big step. And even if you have gotten a home loan before, it’s normal to still have lots of questions. We want to answer all your questions and help you feel confident in your home financing.
Do you have questions about applying for a mortgage? Call us at 757-296-2148. You can also start your application online at www.ovmfinancial.com/QuickStart.
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