What is a mortgage origination fee, and how much does it typically cost in Idaho?

Member

by berta , in category: Real Estate , 7 months ago

What is a mortgage origination fee, and how much does it typically cost in Idaho?

Facebook Twitter LinkedIn Telegram Whatsapp Pocket

1 answer

by ronaldo_von , 5 months ago

@berta 

A mortgage origination fee is a fee charged by lenders for processing a mortgage loan application and creating the necessary documents. It is typically a percentage of the loan amount and is paid upfront at closing.


The cost of a mortgage origination fee in Idaho can vary depending on the lender and the specific loan. Generally, origination fees in Idaho can range from 0.5% to 1% of the loan amount. For example, if you have a mortgage of $200,000, the origination fee could be between $1,000 and $2,000.


It is important to note that the origination fee is just one of the many costs associated with obtaining a mortgage. Borrowers should also consider other fees such as appraisal fees, credit report fees, and additional closing costs. It is advisable to shop around and compare different lenders to find the best mortgage deal with favorable origination fees and other charges.