Mortgage Tranfer Fee

[jadeboy]

I am switching from one Scotiabank to (2.39% 5 years fixed) another company for my mortgage renewal.

Scotia is charging "Transfer Administrative fee" of $250.00. Is the $250 fee normal?

I know it's illegal to charge a "Discharge Fee" for mortgage in Alberta.

Thanks

[Sugarphreak]

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[roopi]

Originally posted by jadeboy
2.39% 5 years fixed

Nice rate

[LilDrunkenSmurf]

My mortgage with RBC has a similar fee. Banks will typically charge a fee like this, whereas lenders like MCAP typically won't.

RBC has mine listed as $300 in my paperwork if I switch at renewal. I plan on switching, but I'm 2.5 years out.

[tpurcell4]

This is standard with many lenders to charge the transfer fee, and when you look through the paperwork provided at the lawyers office, there should be a fee schedule that outlines this fee plus several others including NSF fees, failure to pay property taxes, failure to have fire insurance, etc.

[mr2mike]

Fee is normal.

Talk to new lender. Most cases as with larger banks, they'll cover that fee for you and reinburse. They want your business and money so $250 is peanuts to them.

[Gart]

^^ Our new lender covered the x-fer fee when I asked when this happened to us. We also went from a big bank (well. ATB), to a smaller guy.