Mortgage discharge fee (fact check)
Was speaking with someone at the bank today about my mortgage. I brought up the fact that they had just increased their discharge fees.. and I thought that it was quite unfair to do so retroactively (I'm 4 years into a 5 year term). He said that these were "government fees" which I find just a bit incredulous (heard that line from cellphone companies about system access fees before..)
Fact check, please?
The only thing I can find with a quick google search is the following:
"The $70.50 electronic registration (e-reg) is a mandatory fee charged by the Ontario government which eliminates the need for customers to go to their Land Registry Office to register their mortgage discharge – as this is now being done electronically."
So.. that explains $70.50 (assuming that it actually is mandatory..). But CIBC wants to charge me a lot more than that.
Are there any strategies for getting this fee reduced/waived? How likely would I be successful in doing that?
Fact check, please?
The only thing I can find with a quick google search is the following:
"The $70.50 electronic registration (e-reg) is a mandatory fee charged by the Ontario government which eliminates the need for customers to go to their Land Registry Office to register their mortgage discharge – as this is now being done electronically."
So.. that explains $70.50 (assuming that it actually is mandatory..). But CIBC wants to charge me a lot more than that.
Are there any strategies for getting this fee reduced/waived? How likely would I be successful in doing that?