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What Are Exit Fees On A Home Loan?
Most lenders put exit fees on home loans in an attempt to keep their customer from leaving. The exit fee is an amount of money that the borrower must pay when he or she pays off the loan; that is, in the case of re-financing with another lender.
Borrowers tend to want to re-finance their loans to take advantage of lower interest rates - which can save them thousands over the life of the - offered elsewhere. But if they have to pay a high exit fee to close their mortgage, it may not be feasible to refinance. Sometimes a borrower will want to refinance with the same lender for the same reason; the trouble is that this all costs the lender
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money in administration or servicing costs.
The exit fee is often a hidden cost so it pays to be wary and look out for it. An independent mortgage broker can certainly help you in this area, but now you know what to look for, you may not need one. Exit fees were once only applied to 'non-conforming' loans but now they are the standard on most home loans so you'll need to find the cheapest, rather than look for one with none.
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