What are the fees the borrower pays?
The borrower will need to pay the following fees:
- An origination fee of 2.5% of the loan amount.
- Broker fees as determined by the mortgage broker.
- A title monitoring fee of $175.00.
- A title insurance fee of $375.00.
- A conveyancing fee. Typically around $1200.00.
- An inspection fee. Depends on inspector & property, typically $500-$700.
- An appraisal fee. Depends on appraiser & property, typically $500-$700.