The banks will attempt to wring every last dollar from you. The last home we bought in Vancouver was bought with 50 plus percent cash. The bank actually tried to tack on an appraisal fee. They gave me some nonsense about it being policy. Policy to rip customers off more like.
Needless to say that was not a go with us and the bank quickly backed down. Don't let them pile on their cost of doing business admin costs to you. They just assume that customers are patsies and will accept any old nonsense thrown their way by a lending officer. Bottom line is that these lending types have dollar lending quotas to reach..they need your business.
They have lending quotas but they also have appraisal budgets. Agree, most people shouldn’t pay for an appraisal. But if you’re borrowing less Than 200k (in A major market), then you should expect to pay. At some point...especially for brokers, who are absorbing the costs themselves, it simply doesn’t make sense to waive the fee. Ex. On a 200,000 mortgage with a floor rate, you might make $700...if you need to waive a $300 appraisal fee, the deal becomes almost worthless to a broker. They’d rather spend the time finding someone who wants to borrow $500k.
for a lot of people, eating $300 is better than shopping the deal around multiple lenders.
spring is the best to shop around,...that’s typically when the offers (advertised and not) are best. Although, during my last few years of lending, there was always some offer on he table.
