Real Estate

Heloc Appraisal Fees

  • Last Updated:
  • Aug 20th, 2021 6:36 pm
[OP]
Deal Addict
Mar 14, 2004
3327 posts
652 upvotes
North Etobicoke

Heloc Appraisal Fees

Is this fee normal for a Heloc or anyone know a bank that waives them. TD is charging
$300 for property appraisal and $650 for collateral charge registration on a 500k Heloc
Thks
6 replies
Member
May 15, 2019
356 posts
362 upvotes
GWN
Menthol wrote: Is this fee normal for a Heloc or anyone know a bank that waives them. TD is charging
$300 for property appraisal and $650 for collateral charge registration on a 500k Heloc
Thks
If this is for a $500,000 HELOC, definitely both fees should be waived.

Plenty of big 6 bank rivals will jump at getting this business.


If you don't ask, you don't get.
Sr. Member
Oct 14, 2010
572 posts
597 upvotes
Toronto
SIMPLII charged us a flat $150 fee and nothing else.
This seems ridiculously expensive, unless you are getting a deal on the rate (SIMPLII wouldn't budge from prime + 0.5) this is very high.
Deal Addict
Mar 10, 2014
2375 posts
2417 upvotes
SnowyDumpling wrote: If this is for a $500,000 HELOC, definitely both fees should be waived.

Plenty of big 6 bank rivals will jump at getting this business.


If you don't ask, you don't get.
RBC charged $250 for the $500K HELOC. I asked them to waive but they refused even though I have been a customer for decades and had mortgages with them in the past.
Member
May 15, 2019
356 posts
362 upvotes
GWN
jmc111 wrote: RBC charged $250 for the $500K HELOC. I asked them to waive but they refused even though I have been a customer for decades and had mortgages with them in the past.

I feel for you there.

Unfortunately, banks operate on a "We got'em factor" where the more business you have with them, the less likely that you'll uproot and move all your business to another bank over fees. Even if you start the process of moving everything (which is a hassle), and if the bank thinks you're serious, then the bank'll bend a bit more.

The bankers operate on a system where they have leeway to cut/eliminate some fees, reduce mortgage rates, provide bonus gic rates but it is limited and measured against them when they factor in performance. i.e. how many did you sell at full rate vs. how many did you sell at a discount.
Deal Addict
Mar 10, 2014
2375 posts
2417 upvotes
Let's put it this way. I am done with them shortly. They won't get another penny from me again in a few months.

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