Costs & Fees
The rate is the number everyone asks about. It’s often not the number that matters most.
On a one-year deal, the fees can matter more than the rate itself. A percentage point looks dramatic and costs less than you’d think over twelve months. A few thousand in fees, spread over the same twelve months, costs more than you’d think. That’s why I show the full dollar cost, not just the percentage.
The answers in this centre
- Do I need an appraisal, and who pays for it?
- I paid for the appraisal. Do I own it?
- What legal costs are involved, and do I need my own lawyer?
- Is the lowest rate always the best mortgage?
- Is second mortgage interest tax deductible?
More answers being added — what a private mortgage costs all in, and how lender and broker fees are set.
What you’ll actually be charged
| Cost | What it is | Where it applies |
|---|---|---|
| Lender fee | Charged by the lender for arranging the loan | Mainly B and private |
| Broker fee | Charged where the lender doesn’t pay the broker | Mainly B and private |
| Legal | The lawyer handling paperwork and registration | All transactions |
| Appraisal | An independent opinion of the property’s value | Most files — see below |
| Registration | Registering the charge on title | A, B and private alike |
Two things worth knowing about the appraisal
Who pays. An appraisal typically runs $300–$500. On an insured mortgage — under 20% down — the insurer usually covers it. On conventional, B and private files, you generally pay it upfront.
Who owns it. You pay the fee. The lender owns the report. That surprises almost everyone, and it matters if your file has to move to a different lender. The full answer is here.
On the rate itself
I won’t quote a private or second-mortgage rate on a web page, and you should be wary of anyone who does. It depends on your equity, the property, whether it’s owner-occupied or a rental, whether it’s rural, whether it’s on well and septic, the area, and your exit strategy.
What I will do is show you the complete dollar cost before you decide anything.
What to do next
Send me the details and you’ll get the full breakdown — every fee, in dollars, before you commit to anything.
Talk it through → · Back to all answers →
General information about Ontario mortgages — not financial, legal or mortgage advice. Costs vary by lender, lawyer and transaction. Every file is reviewed individually.