Alberta Mortgage Fees Going Up This Summer: Alberta Budget 2015

[Mortgage Made Easy]

This summer, it’s going to cost more to get a mortgage in Alberta starting July 1, 2015.

People considering buying a house this summer should be aware of some changes to the fees associated with being a land owner, and with getting a mortgage. Last week, the Province of Alberta released its new budget containing pretty significant increases in fees for people like you who might be getting a Calgary mortgage or buying property.

Ex: $500,000 purchase and a mortgage of $400,000 currently costs approx. $290 for land titles and mortgage registration.

Effective July 1, 2015 that same registration will cost approx. $1,230.

A difference of $940.

Read More on this and other AB Budget fee hikes!

[Wild&Free]

Wow

that's quiet the hike.

[CaberTosser]

So does that only apply to new purchases or does it also encompass renewals?

[Mortgage Made Easy]

Originally Posted by CaberTosser

So does that only apply to new purchases or does it also encompass renewals?

It applies to purchases and refinances... not renewals.

[rugatika]

Tax and spend liberals.

[molly]

Glad we can renew before July, Tim!! Also wondering, if a person ports their mortgage, do fees apply then?

[Mortgage Made Easy]

Originally Posted by molly

Glad we can renew before July, Tim!! Also wondering, if a person ports their mortgage, do fees apply then?

For porting, yes fees would apply. Reason is that there is a need to update/ change title. A port is the same as a purchase.

[Kim473]

Now the facts start coming out. We are going to get screwed on fees alone. More cost for the same usage and not just the cost of living increase but 35% plus another 100% !

Lets screw the average person till they lose the house !

Trim some fat / take a larger pay cut Prentice, and not take advantage of the average person.

When all the facts come out, might find that the PC Gov will only be a minority Gov. at best, after the next election.

[CanadianPsycho]

I wish the real world worked like how the alberta guberment thinks it does. If i be stupid and spend to much, i can't just go to my boss and inform him that I am getting a raise.

time for a change, get a government who's not a bunch of entitled brats.

[schmedlap]

Originally Posted by Mortgage Made Easy

It applies to purchases and refinances... not renewals.

Some renewals will involve a registration at Land Titles of an amending agreement or equivalent caveat. This is a hike in all Land Titles registration fees - not just for mortgage and transfer registrations.

[Mortgage Made Easy]

Originally Posted by schmedlap

Some renewals will involve a registration at Land Titles of an amending agreement or equivalent caveat. This is a hike in all Land Titles registration fees - not just for mortgage and transfer registrations.

These fees for land title changes are covered by the lender receiving the new mortgage. There is no cost to the consumer for a renewal with their current lender or moving to a new lender at renewal.

[WCTHEMI]

Originally Posted by Mortgage Made Easy

These fees for land title changes are covered by the lender receiving the new mortgage. There is no cost to the consumer for a renewal with their current lender or moving to a new lender at renewal.

And you honestly believe that these increases won't be passed on to the consumer by the banks? I have a bridge for sale...........

[Mortgage Made Easy]

Originally Posted by WCTHEMI

And you honestly believe that these increases won't be passed on to the consumer by the banks? I have a bridge for sale...........

As of today, these costs / fees have been covered by the lenders for renewals / switches. There is no expectation that this will change July 1, 2015.

I understand where you are coming from but do not see this changing.

I have made an enquiry all the same to confirm no change...

[WCTHEMI]

Originally Posted by Mortgage Made Easy

As of today, these costs / fees have been covered by the lenders for renewals / switches. There is no expectation that this will change July 1, 2015.



I understand where you are coming from but do not see this changing.



I have made an enquiry all the same to confirm no change...

I hope you are right.

[Mortgage Made Easy]

A few days ago we posted information about the Alberta Budget and the fact that fees are going up for people considering buying a house. The new fees come into play July 1, 2015.

Click Part 2-Calculate Your Calgary/Alberta Mortgage Fee Increase to see details.

[Talking moose]

Thx for the info! You are sure a handy member/sponsor to have aboard!!

[realitysucks]

if the increase in fees are to cover the actual costs good, we should not be subsidizing this.
However, if this is just another tax increase disguised as a fee increase and goes into general revenue. NO FFFF'n way.
The CONS no matter who from ed onward have proven they cannot manage our money, prentice as a low life lawyer is quickly making his way to the top. By the way love the way his corporate friends get raising gas prices.

[From The Hip]

So glad I got my home paid off last year

FTH

[Mortgage Made Easy]

Originally Posted by WCTHEMI

I hope you are right.

I've confirmed that there are no fees charged for a renewal or transfer. The changes to land titles is minimal... basically only thing changing for a transfer from one lender to another is the lender name on title.