- Typical application fee: $600 to $800 (May be less if you already have a loan).
- Be prepared to pay a higher application fee if you are buying a unit or property off the plan.
- If you plan to repay or refinance your loan within 4 years from the date of first loan drawing, you may also be slugged a “Deferred Establishment Fee”. This fee can vary from $700 to $2000 depending on the lending institution.
- Loan service fees: Usually $8 to $10 per month.
- Settlement attendance fee, usually $150 to $350.
- If you are changing lenders, you will also usually have to pay a security discharge fee of between: $350 and $1000 for the privilege.
- Be prepared to pay big if you want out of a fixed rate loan early. Lenders usually will not give any leeway to contract breakers. Picking the direction of home loan rates can be tricky. Just look at the historical rates for the last 50 years.
This is just a snapshot of the fees you can expect when taking out a new fixed rate home loan or changing from a standard variable home loan to a fixed rate home loan. Be sure to get a comprehensive list of fees from your lender or mortgage broker before you sign on the dotted line.