It's important that you make sure you budget for the additional costs of refinancing your home.
These costs can be added to the new mortgage being funded.
Refinancing prior to your mortgage maturity date
When you refinance prior to your mortgage maturity date you are breaking the terms of your original contract and may be subject to a mortgage repayment penalty. Your financial services officer can review the options you have open to you in this case.
You will find additional fees listed below.
Refinancing at the End of Your Current Term
Common fees to refinance your mortgage
Legal Fees
For most refinances, The Police Credit Union will utilize the services of first Canadian title to prepare the required legal documents for your mortgage.
The fees will vary but start from about $500 (plus HST).
Appraisal Fee
The Police Credit Union will need to determine the value of your property prior to completing a refinance.
The fees will generally vary but range anywhere between $150 up to $500.
Mortgage Discharge Fees
In order to register a new mortgage your existing mortgages will need to be discharged.
The fees will be $350 for each discharge.
Mortage Penalty
If you break your mortgage prior to its maturity date a penalty may apply.
The fees will vary depending on the calculation used by your current financial institution.
Subsearch Fee
Prior to advancing additional funds The Police Credit Union will be required to verify there have been no further liens placed on your residence.
The fee for this is generally $100.
CREDITMASTER© Subsequent Advances or Refinances
As our CREDITMASTER© mortgages normally do not require legal documentation the fee's involved to finance will be much lower.
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