Real Estate

Any costs to pay off mortgage at renewal?

  • Last Updated:
  • Jan 5th, 2023 9:36 am
[OP]
Newbie
Nov 30, 2021
35 posts
41 upvotes

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!
3 replies
Deal Addict
Jul 11, 2010
1282 posts
320 upvotes
Toronto
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.
[OP]
Newbie
Nov 30, 2021
35 posts
41 upvotes
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)
Deal Addict
User avatar
Sep 4, 2005
3487 posts
1376 upvotes
Toronto
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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