Real Estate

Does RBC charge any fees for closing Homeline Plan?

  • Last Updated:
  • Mar 5th, 2020 8:07 pm
[OP]
Jr. Member
Aug 13, 2015
119 posts
47 upvotes
Ottawa, ON

Does RBC charge any fees for closing Homeline Plan?

I currently have my mortgage with RBC, and was planning to open a Homeline Plan to get lower rates for a possible loan.

I've heard that it is relatively simple to waive the initial fees for opening, but if I understood right there will be extra fees for closing it if I move my mortgage to a different bank (which I will in 8 months).

Does anyone know if there are such closing fees?
4 replies
Deal Fanatic
Nov 22, 2015
5516 posts
4807 upvotes
saisoj wrote: I currently have my mortgage with RBC, and was planning to open a Homeline Plan to get lower rates for a possible loan.

I've heard that it is relatively simple to waive the initial fees for opening, but if I understood right there will be extra fees for closing it if I move my mortgage to a different bank (which I will in 8 months).

Does anyone know if there are such closing fees?
Discharge fee was $300 in Ontario, last time I checked
[OP]
Jr. Member
Aug 13, 2015
119 posts
47 upvotes
Ottawa, ON
superfresh89 wrote: Discharge fee was $300 in Ontario, last time I checked
Thanks! I guess that is too high for me, especially since I only have a few months to use before closing it.
Deal Fanatic
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Jan 6, 2002
5602 posts
5726 upvotes
Toronto
saisoj wrote: Thanks! I guess that is too high for me, especially since I only have a few months to use before closing it.
If you open a Homeline account, about $377 to close it and $1100 in legal fees and $300 in re-appraisal fees to initiate a new mortgage with another lender, in a few months.
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Newbie
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Mar 13, 2013
56 posts
19 upvotes
Whitby
If you are changing from a conventional mortgage to a homeline plan they cover the processing fee (300) and FCT fees if the property is valued less than $750. If more than you wil have a couple hundred to cover.
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