Can anyone shed some light for me?
When refinancing a mortgage at the end of a term would the client or mortgage broker typically pay legal fees?
Just finished 5 year term with traditional bank, looking at taking out equity in rental and moving to another 5 year term via lender through mortgage broker.
Thanks in advance.
If you are switching lenders or increasing the mortgage amount so as to get more cash out of your home, then you will have to pay legal fees.
If you are staying with the same bank and not refinancing to a greater amount of money, no legals will be necessary.
You can try to work a deal to get the new lender to pick up the cost of the legal fees. I've switched lenders twice now and never paid any extra legals.
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