Glossary

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Loan Processing Fee
A loan processing fee is a fee that is paid to the mortgage company you are working with or another loan processing company such as a bank. The fees are paid as a part of the closing costs when you purchase a house. The fees will vary based on how much the loan is and how much the company requires. Most fees are between $300 and $500, but some could be more if you purchase a larger home. The amount of the loan processing fee will be located on the closing statement. The reason there are processing fees is that there are several people who will review your application. These fees will cover any paperwork that needs to be filed. The processing fees can also be listed as a Good Faith Estimate.