verb (used without object), prorated, prorating. 1. to make an arrangement on a basis of proportional distribution. verb (used with object), prorated, prorating. 2. to divide, distribute, or calculate proportionately. Origin of prorate.
Origination charge: The VA allows lenders to charge up to 1 percent of the loan amount to cover origination, processing and underwriting costs. They can choose to either charge you a flat 1 percent origination fee, or pick and choose among a host of fees, so long as they add up to no more than 1 percent.
1 When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase. 2  No lender is required to give you an IRRRL, however, any VA lender of your choosing may process your application for an IRRRL.  Veterans are strongly urged to contact several lenders because terms may vary.