Quote:

---

Originally posted by rakeshToronto

Hi,

If I get a mortgage for 5 years; and then renew it with another bank - do I have to pay the mortgage registration fee again?

Or is the fee only payable first time you buy a house?

Rakesh

---

If you have a simple mortgage and renew it with other bank at the time of renewal, most likely the bank will bear all the costs related to the switch and you would not have to pay any fees.

Generally in the simple straight switch where no refinance is involved, the new lender would get the present mortgage terms and conditions assigned to it and there may not be any actual discharge or registration of mortgage. However, in collateral mortgages, where there is a secured Line of credit is involved, then you may have to pay most of the fees for transferring the mortgage to a new lender as in this case the original mortgages and charge would have to be discharged and new charge registered.