By John Wallace
If you've ever had a mortgage, you've probably already discovered that they can often be awfully expensive. When you purchase a home, not only do you need to cover your down payment, but you'll also need to pay for a variety of closing costs. If you refinance, it's not unusual for thousands of dollars of closing costs to be rolled into your new loan balance. One closing costs that mortgage borrowers commonly ask about is the origination fee. So what are origination fees, and why are they charged?
What Are Origination Fees?
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