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THE PROCESS
Buying a home is the single largest investment a family is likely to make. Whether you buy a condo, single family dwelling, a mobile home or a mansion on a hill, there are a few financial commitments you'll take on as a home owner - the down payment, the mortgage, and the closing costs.
The Down Payment
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
Closing Costs
If a New Home , Add
G.S.T. |
|
$______________ |
First mortgage
Principal Amount |
|
$______________ |
Second mortgage
Principal Amount |
|
$______________ |
Total of all
mortgages(not CMHC premium.) |
|
$______________ |
Down payment
required(before adding closing costs) |
|
$______________ |
Lawyer's fees |
|
$______________ |
Disbursement(est
$300.00+) |
|
$______________ |
Land transfer Tax |
|
$______________ |
Home Inspection
Cost ($250-375) |
|
$______________ |
Land Survey
($750-$1200) |
|
$______________ |
Mortgage
Application/Appraisal Fees(est$250) |
|
$______________ |
CMHC Insurance
Premium +GST |
|
$______________ |
CMHC Home Owner's Insurance Premium ($350-$500/yr.) |
|
$______________ |
Miscellaneous
Adjustments(i.e.:fuel oil) |
|
$______________ |
Realty Tax
Adjustment |
|
$______________ |
Mortgage Date
Interest Adjustment |
|
$______________ |
Total all closing
Costs |
|
$______________ |
Total Cash Required
for Closing |
|
$______________ |
Less Deposit
Already Paid With Your Offer |
|
$______________ |
Net Cash Required
Two Days Prior to closing |
|
$______________ |
Lawyer fees run from $375 - $600. Disbursements vary depending upon the mortgage amount. Additional costs at purchase possession date can range from $1,000 to $3,000. I will make an itemized list of approximate costs for you. - Now let’s find your home!!! |
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