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Old 2011-04-13, 02:06 PM
jzy jzy is offline
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Join Date: Jul 2010
Posts: 140

Originally Posted by MortgageGuy View Post
Either you have misunderstood and asked the wrong questions or he doesn't know what he is talking about. Firstly though, I do not believe T.D. has started registering as collateral mortgages yet, but when and if they do, this $250 discharge fee has nothing to do with this change to collateral mortgages(I believe T.D. is taking a lot of flack over the change, thus the delay in implementing). Yes the discharge fee has always applied($250 or whatever, over the years), but this is a standard fee that most lenders charge when you leave them. The fees I have mentioned are the actual legal cost to discharge and reregister your mortgage with another bank when you leave T.D. if that T.D. mortgage WAS registered as a collateral mortgage. If it was NOT registered as a collateral, then the new bank would pick up that cost. Ask the T.D. guy if the T.D. collateral mortgage can be moved to another lender as a "no fee transfer" in the future. A simple question, with a simple answer, NO it can't. Scotia bank has a similiar mortgage called the "STEP" mortgage, it has the same problem. And in the end, that $250 discharge fee you had mentioned earlier, is also still charged. It has nothing to do with the change to registering as a collateral mortgage.
Dan, do you have more information on this? Has TD implemented this? How do I find out from the bank?
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