Richmond Mortgage Brokers

Compass Mortgages

Our focus as Mortgage Specialists is to get you the best available rate for your home purchase. We have access to more than 90 lending institutions that will try to compete for your business. Quite often, we are able to get you a quote the very same day that you apply. So don’t wait, give us a call today.


How To Discharge Your Mortgage Fees?

It seems someone’s always charging a fee for something. Most Canadians are quite “anti-fee” as a result. Even the word fee itself conjures up resentment.

It is therefore no surprise that first-time mortgagors are often disbelieving when they learn they’re being stuck with a few hundred dollars in discharge fees.

good-bye-kissDischarge fees are what some in our industry call the “goodbye kiss.” They’re charged whenever you “discharge” a mortgage and leave your lender. Virtually all lenders have them. The Toronto Star list below shows Ontario discharge fees at the major banks for example.

Note that there are actually real costs (governmental, legal, etc.) involved with discharging a mortgage from title. So this fee is not simply a lender cash grab. Although it’s “interesting” that some lenders can be $100 apart for this service.

Quick Tip: A few lenders will actually pay your old lender’s discharge fee when you switch. (Although, the lenders that do sometimes don’t have the best rates.) Ask your mortgage planner for details.

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Richmond Mortgage Brokers

Richmond Mortgage Brokers
Richmond, British Columbia

Phone: 778-732-0181
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