Quote:
Originally Posted by Calgary14
One thing to watch out for when renewing (and switching lenders) are extra fees. I just switched lenders for a lower rate and noticed a $350 "assignment fee" added in the fine print that neither the bank or mortgage broker could explain. Make sure you read the fine print as neither the lender, broker or lawyer will tell you about the extra fees added in
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This a a great point. This is easy to explain... unfortunately while the switch is to a new lender is at no cost! The existing lender is adding a... What I call a Thank you Fee!
Lenders will charge anywhere from $75 to $350 for discharging your mortgage from them. This can be called an admin fee, reinvestment fee, etc. In Alberta they cannot charge Discharge fees so they name it something else.