Any costs to pay off mortgage at renewal?

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Jan 5th, 2023 9:36 am

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Jan 4th, 2023 5:16 pm

christmastime [OP]: Newbie; Nov 30, 2021; 35 posts; 41 upvotes

Jan 4th, 2023 5:16 pm

Any costs to pay off mortgage at renewal?

Mortgage is coming up for renewal and I plan on paying it off instead of refinancing so there won't be any penalties but are there closing costs? Like do I have to pay lawyer or registration fees, etc? If so, can you pls list them and ballpark ranges for them?

Planning for less surprises/need to do budgeting. TIA!

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Jan 4th, 2023 5:19 pm

dougboswell: Deal Addict; Jul 11, 2010; 1282 posts; 320 upvotes; Toronto

Jan 4th, 2023 5:19 pm

You will pay for the discharge of the mortgage. It should be listed on the documents from your lender. You can also call the customer service for your lender to get a quote.

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Jan 4th, 2023 5:43 pm

christmastime [OP]: Newbie; Nov 30, 2021; 35 posts; 41 upvotes

Jan 4th, 2023 5:43 pm

Thank you so much @dougboswell for your quick intel! Dummy me never thought to review the 4 pages of legalese of the mortgage statement, but of course as you said it was right there. In case lurkers want a ballpark, my costs:

Discharge fee $225.00 per discharge
Estimated land title registration costs $115.00 per discharge
(Transfer out fee $225.00)

+5

Jan 5th, 2023 9:36 am

Super_Chicken: Deal Addict; Sep 4, 2005; 3487 posts; 1376 upvotes; Toronto

Jan 5th, 2023 9:36 am

christmastime wrote: ↑ Thank you so much @dougboswell for your quick intel! Dummy me never thought to review the 4 pages of legalese of the mortgage statement, but of course as you said it was right there. In case lurkers want a ballpark, my costs:

Discharge fee $225.00 per discharge
Estimated land title registration costs $115.00 per discharge
(Transfer out fee $225.00)

Congrats and f you!
Seems like your name is very fitting hehehe!

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