Cost planning now, reduces stress later

A detailed plan is key when buying your home. Let's get together and go over all the calculations now, so you're prepared at 'deal time.'

Mortgage financing is just one component. Here are other expenses to keep in mind.

Mortgage Loan Insurance Premium: Less than 20% down payment? You may be required to pay mortgage loan insurance.

Appraisal Fee: Required for the mortgage application. Sometimes the lender offes to cover the cost.

Estoppel Certificate Fee: If you are buying a condominium or strata unit.

Home Inspection Fee: A home inspection is a report on the condition of the home. You may also wish to get an inspection on any wood fireplaces in the home.

Land registration Fees: (sometimes called a Land Transfer Tax, Deed Registration Fee, Tariff or Property Purchase Tax). You may have to pay this provincial or municipal charge upon closing.

Prepaid Property Taxes and/or Utility Bills: To reimburse the vendor for prepaid costs such as property taxes, filling the oil tank, or water usage.

Property Insurance: Required by the Mortgage Lender, this insurance, at minimum, covers the cost of replacing the structure.

Survey or Certificate of Location: You may require an up-to-date survey or certificate of location prior to finanlizing the mortgage loan.

Title Insurance: Protected title means peace-of-mind.

Legal Fees and Disbursements: Must be paid upon closing.

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