Fees In Mortgage Industry

 

There are always some fees in the mortgage industry, some are charged by the lenders, some are charged by the mortgage brokerage. Here we list all potential fees and the range of the charges in Ontario Mortgage Industry.

For residential A-Type mortgage (borrower with good credit and enough income), the commission paid to the mortgage broker or agent is paid by the lender, so the borrower doesn’t need to pay the commission. For B-Type or C-Type mortgage, almost all B-Type or C-Type lenders don’t pay any commission to the mortgage broker or agent and the sales representative of the lender, so the borrower will pay the commission to them. The percentages listed below include this commission.

 

For Residential Mortgage:

A-Type MortgageB-Type MortgageC-Type Mortgage
Application FeeFree of Charge1% ~ 2.5%
Paid by the borrower
2% ~ 5%
Paid by the borrower
Legal Fee For RefinancePaid by the borrower
-- Hire own lawyer or
-- Use Lender's lawyer (FCT/FNF)
** FCT Fee: total about $750
** FNF Fee: total about $650
Hire own lawyer
Hire own lawyer
Legal Fee For SwitchFree for Real Mortgage Mostly.
Collateral Mortgage and LOC with mortgage are treated as Refinance
Hire own lawyer
Hire own lawyer
Legal Fee For New PurchaseHire own lawyer
Hire own lawyer
Hire own lawyer
Appraisal Fee$250 ~ $400
paid by the borrower
$250 ~ $400
paid by the borrower
$250 ~ $400
paid by the borrower
Discharge Fee when paid-off mortgage$150~$350
Paid by the borrower
$300~$400
Paid by the borrower
$300~$400
Paid by the borrower
The above charges are just for your reference. Each lender has own policy and the charges may vary.

 

 

For Commercial Mortgage:

A-Type MortgageB-Type MortgageC-Type Mortgage
Application Fee or
Lender's Fee
1.5% ~ 2.5%
paid by the borrower
1.5% ~ 3%
paid by the borrower
2% ~ 5%
paid by the borrower
Lender's Lawyer FeePaid by the borrowerPaid by the borrowerPaid by the borrower
Documents' FeePaid by the borrower
It's based on mortgage amount and property. Mostly is between $500 to $1000.
Paid by the borrower
It's based on mortgage amount and property. Mostly is between $500 to $1000.
Paid by the borrower
It's based on mortgage amount and property. Mostly is between $500 to $1000.
Appraisal FeeLender indicates some appraisers
Borrower pays to selected appraiser.
Lender indicates some appraisers
Borrower pays to selected appraiser.
Lender indicates some appraisers
Borrower pays to selected appraiser.
Discharge Fee$250 ~ $500$300 ~ $500$300 ~ $500
The above charges are just for your reference. Each lender has own policy and the charges may vary.

 

 


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