Loan providers are becoming increasingly customer-friendly these days. They have realized that it is in their best interests to lend to more and more customers. As a result, many loan providers have started waiving their application fees. This is the outcome of the immense competition in the field of personal finance. No one wants to be left behind because of high prices. The budget-driven seeker of cheap mortgages can easily find many other better-priced offers. Thus, if a loan provider wants to keep his current customers and win over new ones, they are going to have to keep the prices down.

The same phenomenon can be seen in the area of insurance. If you have ever shopped for cheap car insurance you will be aware of how identical insurance plans get pegged as being the best by the people who are doing the promotions. The more value for money that a plan provides, the more profitable it will be.