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 .