We are very disturbed at Robert Floris’s Mortgage Architects office with the recent trend of banks charging service fee’s for mortgages. Manulife started this, followed by the National Bank and now RBC. Why? since rates are so low , the major banks are not as profitable. Even with these low mortgage rates, consumers are still being dinged.

The Royal Bank of Canada has announced that some of its customers will have to pay a fee when making regular mortgage or loan payments. The bank is increasing transaction fees across a wide range of accounts of payment types and the change means that savings account holders who make a mortgage payment will have to pay between $2 and $5 on each occasion. While the fees aren’t large, many will baulk at the principle. Those looking to make a saving on charges could perhaps pay their home loan through a child’s saving account which will only attract a $1 fee! A number of big banks have recently increased or added fees to their accounts in a bid to recover losses from lower interest rates although not all have added charges for mortgage payments… yet.

Robert Floris is an independent mortgage broker with Mortgage Architects in Hamilton Ontario