HomeEquity Bank Fee Schedule
Effective April 1st, 2022
Note: Your disclosure statement from HomeEquity Bank (the “Bank”) indicates the fees that may be applicable to your mortgage. These fees are subject to change.
| Fees | Description | Amount* |
|---|---|---|
| Power-of-Attorney (POA) | Adding a Power of Attorney (POA) to your account | $1000 |
| Property Severance/Subdivision | Sever or subdivide your property | $1000 |
| Reprint of Annual Statements/Other Letters | Additional copy of your annual statement or any other letter the Bank sends | $50 |
| Title Changes/ Acknowledgment | Change titleholders on your property or request an acknowledgement of a titleholder | $650 |
| Cheque Processing | Cheque processing in connection with your mortgage | $66 |
| Planned Advance Account changes | Planned advance account changes, including but not limited to, increasing, or decreasing the planned advance amount outside of your normal allowance and transferring funds from the planned advance to Lump Sum Account | $150 |
| Subsequent Advance request | Subsequent Advance request | $50 |
| Contacting insurer and/or other financial institution(s) on your behalf | Contacting an insurance provider or financial institution(s) on behalf of the client | $100 |
| Property Tax verification | Annually, the Bank may request proof of payment of your property taxes. If you do not send confirmation, then the Bank can request this information from the municipality directly. This fee is in addition to the costs charged by your municipality to provide tax information |
$150 |
| Insufficient Funds | If the Bank must return payment due to insufficient funds | $100 |
| Default Administration Fee | Default processing, including (but not limited to): condominium fees, property taxes, legal costs, title searches, occupancy checks, property management, and tax certificates | $200 |
| Homeowners Insurance Default Charge | Failure to maintain valid homeowners insurance will result in the Bank applying a Homeowners Insurance Default Charge to your mortgage account on a monthly basis | $80 |
| Payout Processing Administration Fee | Request to produce a Payout Statement from the Bank | $150 |
| Discharge Fee1 | ON, NS, NB, SK, PEI and NF only 1 Not applicable in Quebec and Alberta, where there are no fees. British Columbia and Manitoba are subject to a $75 and $100 discharge fee, respectively | $399 |
*Plus any applicable taxes
Clients are required to pay the fees above when requested. Unpaid fees and charges are added to the mortgage balance and will accrue interest until they are paid.
