Pay 2% deposit to refinance mortgage

[Rosanna Tran]

I have an offer for a 4.5% fixed for 10 years for 25 years mortgage for a commercial property to replace my 6% interest only owner financing & I can pull cash. Sounds like very good deal but I have to pay 1% application deposit to lock the rate & 1% commitment deposit to hold the mortgage. (Refundable ) then 1.5% mortgage banker fee $7500 for lender’s attorney fees. I am very uncomfortable for paying money out in advance. I am new to all these. Please advise.