KNOW WHAT YOU ARE GOING TO PAY TO HIRE A BROKER FOR SECOND MORTGAGE IN TORONTO
• Appraisal fee: Bank appraisal fee is usually the most common mortgage fee. Mortgage lenders or brokers will ask you to pay a certain amount of money to send a licensed appraiser to the subject property. This helps them get a better assessment of the property. A mortgage broker will also prepare the appraisal report after reviewing the market conditions. The broker or lender usually hires the appraiser to confirm the property is safe and is actually worth the sale price they have agreed upon with the seller.
• Rate lock fee: Rate lock fee is another type of fee mortgage lenders or brokers charge. It is charged for the protection of a mortgage broker or lender and helps when the current interest rates may escalate suddenly and significantly. When interest rates fluctuate significantly, certain loans may not look as attractive as before. This is the situation when a rate lock fee comes into play.