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January 19, 2023
Just as with any other profession, loan processors should be compensated for their job. Many lenders offset this fee by charging their customers an application fee. An application fee may range anywhere between $0 to upwards of $500 and is often non-refundable. If you're working with a mortgage broker rather than a Credit Union or Bank, your application fee is likely to be a bit higher as the broker is serving as an intermediary. However, some online lenders do not charge an application fee. Do your research though, you may be able to avoid an application fee regardless of buying or refinancing a home.