What Are Your Costs?
Purchasing a home involves one-time costs and monthly expenses.
Generally speaking, the largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay. These are listed below:
|Mortgage Application and Appraisal Fee||At time of application|
|Appraisal Fee||At inspection|
|Property Inspection (optional)||At inspection|
|Legal Fees and Legal Disbursements||Closing|
|Deed and/or Mortgage Registration||Closing|
Which lawyer should you choose?
A lawyer is there to represent your interests and to process the legal documentation required. As your Real Estate Professionals, we can provide you with the names of lawyers who specialize in real estate. The legal process differs from province to province. Your lawyer will advise you on the steps to be taken before the keys to your new home are presented to you.
Avoid selecting a lawyer based on rates alone. Sometimes a slightly more expensive rate is indicative of a lawyer with more experience. Remember, if something goes wrong you want to have a knowledgeable professional on your side.
Why a Pre-Approved mortgage?
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases, for on average 120 days, or 4 months, while you look for your new home.
Your mortgage specialist will answer your questions and help you determine which financing terms and options are right for you. Your mortgage specialist and we work as a team to help you find the right home and select the best financing.
Finalizing Your Mortgage
Once you’ve found the home you want to purchase, there are some documents you’ll probably be asked for in order to finalize your financing. They will include:
A copy of the real estate listing of the property (MLS listing). If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
A copy of the offer to purchase or the building contract, if this document has been prepared, and all the waiver, fulfillment or amendment documents.
Documents to confirm employment, income and source of pre-approval.
Sometimes they also require you providing proof of down payment, proof that certain debts have been paid off, or a gift letter if you are being given the down payment by a family member.
If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details during the conditional period, which your mortgage specialist will explain to you. We have a number of Mortgage Specialists with whom we regularly deal that we will be happy to refer.