3 Mortgage Renewal Fees Questions

[Spenny]

I have 3 questions:

1) Does a mortgage renewal with the same bank at the end of its term, NOT incur any of the following fees for renewal:
municipal tax admin fee
current document execution fee
current discharge admin fee
current transfer/assignment fee
current registry office discharge registration fee

2) If a mortgage is up for renewal, and a LOC is consolidated to it at the end of the initial mortgages term, do any of the following fees NOT apply:
municipal tax admin fee
current document execution fee
current discharge admin fee
current transfer/assignment fee
current registry office discharge registration fee

3) If a mortgage is up for renewal, and a LOC is consolidated to it 30 days before the initial mortgage term ends, do any of the following fees NOT apply:
municipal tax admin fee
current document execution fee
current discharge admin fee
current transfer/assignment fee
current registry office discharge registration fee

Thank a lot

 

[Tina Myrvang]

I can help you on the above questions.

1) If you are renewing your mortgage without increasing it, then you simply sign the renewal papers the bank sends and you are done. There will be no legal fees or land title fees.

2)If you are renewing and increasing the mortgage to consolidate your LOC with your first mortgage, the bank may consider this a new mortgage. You will have to have a new mortgage registered on your title, which would require legals fees for signing the documents, along with the Land title fees for discharging existing mortgage and registering a new mortgage.
3)It does not matter when you consolidate your LOC with your first mortgage the fees will apply for legal and land title charges.

You municipal taxes are to be kept up to date as it is a term of your mortgage. If you are in arrears, your lawyer will pay those to your municipality for the arrears from the new mortgage funds.

 

[Spenny]

Perfect answer very helpful thanks!

 

[Tina Myrvang]

My pleasure.

 

[RE123RE]

Hi,
When you refinance and increase your principal (equity take out) with the same bank, there are zero (or almost zero) fees as well, right?
Thanks

 

[Thomas Beyer]

Hi,
When you refinance and increase your principal (equity take out) with the same bank, there are zero (or almost zero) fees as well, right?

You will likely need a new appraisal and legal fees as a new mortgage will be registered. No fees to bank though, yet.

Feel free to re-read Tina's post above as she explains it very well there !

 

[RE123RE]

You will likely need a new appraisal and legal fees as a new mortgage will be registered. No fees to bank though, yet.

Feel free to re-read Tina's post above as she explains it very well there !

Hi
Appraisal - maybe.
Legal fee - not likely as it is waived by the bank you are staying with. call it client appreciation.
Thanks

 

[JROC]

It depends on the bank. In most cases the appraisal is free and legal fees are not.

 

[Alvaro Sanchez]

Having read all posts, I would ask current lender to confirm to avoid disappointments.

 

[Tina Myrvang]

I am currently renewing my mortgage. I have a first mortgage and a HELOC. I'm am going to combine them. Since I'm under 47% Loan To Value, they will not be requiring an Appraisal, they will be using my Assessment from my municipality.
Saves me a few hundred dollars. Yay!!!

 

[RE123RE]

I am currently renewing my mortgage. I have a first mortgage and a HELOC. I'm am going to combine them. Since I'm under 47% Loan To Value, they will not be requiring an Appraisal, they will be using my Assessment from my municipality.
Saves me a few hundred dollars. Yay!!!

Hi,
What is the main reason you rather combine them than have a HELOC?
Will your new mortgage principal be higher than your current mortgage principal+your HELOC limit?
Thanks