How Much Is This Going To Cost?

Costs for putting together a new loan can generally be broken down into 5 categories:

Interest: Depending on a few criteria our Fixed Rate mortgage currently ranges from 8% to 12% and our Variable Rate mortgage starts at prime +5%. (general rule of thumb; the more equity remaining in your property, the lower the rate)

Broker / Lender Fee: We generally charge from 1% to 3% for a loan secured by a typical house in the Lower Mainland (or larger British Columbia cities and towns).

Lawyers Fee: To prepare, register, and report on a mortgage our lawyers typically charge around $600. Then add about $400 more in disbursements (costs). You will also need cover the cost of your own lawyer. We typically see people pay around $250.00 to their lawyer.

Application Fee: For existing and return customers we charge $195.00. For new customers we charge $295.00.

Appraisal Fee: This cost also can range depending on the many criteria. On a typical residential home in the Lower Mainland we see it range from $275.oo to $350.00.

Other Fees

Renewal at the end of term.  Renewal terms and fees can vary quite a bit depending on the situation but on a typical residential mortgage our renewal charge ranges from $295.00 to $495.00.

Miss a Payment. This carries charges adding up to as much as $150.00.

Discharge Fee: $75 .00

IMPORTANT: All information above is based on current pricing as at December 1, 2013 – and can change without notice. All example are for information purposes and should not be considered an approval or a guarantee.

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