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Loan Origination Fee
A one-time charge that lenders typically require to process a new loan application. This fee can vary widely, depending on the type of loan, the lender, and other factors. For example, some lenders may charge a flat fee, while others may base the fee on a percentage of the loan amount. The purpose of this fee is to cover the cost of evaluating your application, verifying your income and credit history, and preparing any necessary documentation. While this fee can be an added expense, it is important to remember that it is often negotiable. Some borrowers may be able to negotiate a lower fee or even have it waived altogether, especially if they have excellent credit or are taking out a larger loan. Overall, borrowers should carefully consider all of the fees and costs associated with a loan before deciding which lender to work with.
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