Mortgage fees - can they do this?!
There was a message along with my "annual mortgage statement" that I got in the mail today:
"Effective April 1, 2015, the discharge fee on your CIBC moorage will increase from $260 to $300. This fee applies when the registered mortgage charge is discharged from the title to your property."
???
Can they do this? Or does it only take effect if I choose to renew my mortgage with them when my term is up later in the year (spoiler: I won't be ;p)?
"Effective April 1, 2015, the discharge fee on your CIBC moorage will increase from $260 to $300. This fee applies when the registered mortgage charge is discharged from the title to your property."
???
Can they do this? Or does it only take effect if I choose to renew my mortgage with them when my term is up later in the year (spoiler: I won't be ;p)?