What is Lender Fee (Commitment / Lender Fee) in Canadian mortgages?
Upfront fee charged by B-lenders and private lenders on mortgage approval. Typically 0.5-2% of the mortgage amount for B-lenders, 1-3% for private lenders. Added to closing costs.
What is the Lender Fee limit for Canadian mortgages?
B-lenders: 0.5-2%; Private lenders: 1-3% of mortgage amount
Lender Fee example
Worked example
$400,000 B-lender mortgage with 1% lender fee = $4,000 due at closing.