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Mortgages

Reminder of Costs

There is more to buying a buying a home then just having to pay the down-payment. There are additional costs that you need to keep in mind when determining how much you can afford to use for your down-payment. Your down-payment and closing costs cannot be added into your mortgage and you will need to have them available with 3 months of documents to show where the money is. A good rule of thumb to allow for your closing costs is 1.5% of the asking mortgage amount. You don’t want to be caught off guard when you get to the end of the buying process and the lawyer asks you for money that you don’t have in your account. Being prepared ahead of time will make it less stressful for you.

  • Lawyer or Notary: $400 – $1,200 (only when refinancing)
    •  Ask us about our no fee refinance
    •  There is no lawyer or Notary cost when transferring a mortgage
  • Appraisal (We can sometimes get the bank to cover this): $250 – $350
  • Possible Property Tax Difference – The lawyer will figure out what portion of the year you would be responsible for.
  • Home Inspections: $350 to $450 (Important to do to find out if there are any serious issues with the property)
  • Property Transfer Tax:
    • This applies to all properties that are bought regardless of age. If you are a first time home buyer you can qualify for a Property Transfer Tax Exemption if the purchase price is under $475,000. If the property is between $475,000 – $500,000 then you can qualify for a partial property transfer tax exemption. Property Transfer Tax is: 1% on the first $200,000 of the home purchase price & then 2% on the remainder of the property price.
  • GST and 2% Transition Tax: This only applies to new homes or properties being built. It is for new construction only. The 2% Transition Tax will be removed on April 1, 2015

Why use a mortgage broker?

YOUR lending institution will only advise you on their own product. You could visit every institution out there, one by one if you had time......

Or, you can talk to talk to a mortgage broker who will shop for the best mortgage for you from all available lenders including many you would not usually think of on your own. 

 

Are there fees for your services?

NO! There are no fees on conventional mortgages as we receive payment for placing the mortgage from the financial institutions, however, in some circumstances lender/broker fees may apply.

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