I have a 5-year fixed mortgage with Firstline and am about to pay it off. Firstline informed me of a discharge fee of around $320 that will be charged at that time to transfer my title (ONT govt fees of $75; rest pocketed by Firstline).
I am just wondering if this is a standard practice among mortgage lenders. Is there a way to avoid paying this or paying a reduced amount?
Any help/advice is greatly appreciated.
Thanks,
Ash
Quote:
Originally posted by ash_canada
I have a 5-year fixed mortgage with Firstline and am about to pay it off. Firstline informed me of a discharge fee of around $320 that will be charged at that time to transfer my title (ONT govt fees of $75; rest pocketed by Firstline).
I am just wondering if this is a standard practice among mortgage lenders. Is there a way to avoid paying this or paying a reduced amount?
Any help/advice is greatly appreciated.
Thanks,
Ash
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramod,
Thanks for the reply. I don't see a mention of these fees in my original Mortgage contract or commitment that I signed in 2007. Just wondering if I can use this as a leverage to negotiate these fees lower ?
Ash
Quote:
Originally posted by ash_canada
Pramod,
Thanks for the reply. I don't see a mention of these fees in my original Mortgage contract or commitment that I signed in 2007. Just wondering if I can use this as a leverage to negotiate these fees lower ?
Ash
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod. I will check those documents.
The mortgage will be paid off in a month. Even if I decide to wait and switch it, I guess I may be just delaying the inevitable as the new company will also charge me when I finally pay it off.
Ash
ashcanada ,
transferring ur mortgage is not the solution, u could get tagged with other fees after u switch and close ur mortgage too soon.
Try to see if ur bank is offering any incentives for opening a LOC ..
I got 1500$ for opening a line of credit.. if i close loc i have to payback a prorated amount.. this is how i postponed paying the discharge fee until later and when i do pay the discharge fee of the 1500$ will cover it..
Quote:
Originally posted by dudewheresmycar
ashcanada ,
transferring ur mortgage is not the solution, u could get tagged with other fees after u switch and close ur mortgage too soon.
Try to see if ur bank is offering any incentives for opening a LOC ..
I got 1500$ for opening a line of credit.. if i close loc i have to payback a prorated amount.. this is how i postponed paying the discharge fee until later and when i do pay the discharge fee of the 1500$ will cover it..
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