What is commitment fee? definition and meaning. – Lender’s fee for giving a written undertaking (commitment letter) to hold a specified amount of loan amount for a borrower.Charged annually, this fee usually ranges from 0.25 percent to 1.50 percent of the promised amount. See also commitment.
Finance Charges – PPDocs – (fees for preparing deeds, mortgages and similar documents if to 3rd. Title – Commitment Fee; Title Service Fee; Transaction Fee; Transfer.
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Commitment Fee legal definition of Commitment Fee – Commitment Fee. A commitment fee, frequently employed in real estate transactions, is an expense separate from interest charged on the loan to be secured by the mortgage. The controversy surrounding nonrefundable commitment fees arises when a borrower decides not to proceed with the loan and then demands return of the fee on the premise.
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Commitment Fee | AgCountry CFG – A commitment fee is the cost charged by the lender for giving a contractual commitment to lend. This compensates the lender for its obligation to lend to the client. A commitment fee is typically based on the unused portion of the commitment because the used portion of the credit line is accruing interest.
Commitment fee Definition | Bankrate.com – A commitment fee is a fee that a lender may charge a borrower to whom it has agreed to extend credit. Generally charged for lines of credit not yet used, the commitment fee is a way of guaranteeing the bank will keep the funds available.
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