💡 When Do Lenders Charge Their Fees? 💸

While most traditional mortgage lenders don’t charge upfront fees, there are certain cases where you might face additional costs. Here’s what you need to know:

🔑 1. Private Lenders:
Private lenders often charge lender or broker fees for taking on higher-risk borrowers. These fees are usually a percentage of the loan amount.

🏢 2. Commercial or Construction Loans:
These types of loans are more complex, and lenders may charge fees for underwriting, document preparation, or legal reviews.

📉 3. Subprime or Alternative Lending:
Borrowers with low credit or irregular income might face extra fees for loan processing or setup from alternative lenders.

🏠 4. Mortgage Portability or Early Exit:
Some lenders charge a fee if you want to transfer your mortgage to a new property. Plus, paying off your mortgage early could trigger a prepayment penalty.

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👉 Always ask your lender upfront about any potential fees so you can budget accordingly!

Published by: Gurmaan Mortgages

M. 437-484-3273