Fees vary so be sure to shop around. Fees for a transaction usually range from $1,000 – $1,500.
It is highly recommended to have a proper inspection performed on the property by a professional inspector. Doing so will reduce your chances of unexpected problems in the future. And remember to ask for a written report if your inspector does not provide one.
Some financial institutions will charge a mortgage application fee for processing your application.
Some financial institutions will cover the appraisal fee so be sure to ask. If you have to pay for this fee yourself, you can expect to pay between $200 – $400.
Your mortgage payments are calculated based on the amortization period, interest rates and amount of the loan. Larger payment amounts mean a shorter amortization period and usually a lower interest rate. Of course, it’s important to factor in your regular monthly expenses to ensure that you don’t stretch yourself too thin.
The monthly mortgage payments are not the only periodic payments you will have to make. Property taxes and other taxes such as school taxes, due once a year, should also be taken into account in your budget. The amount of tax you will have to pay will depend on the assessed value of your property.
Other monthly fees may include utilities and maintenance fees, if you’re buying a strata property (i.e. townhouse, apartment, condo). Again, these fees vary depending on your usage and size of property.
Renovations may be something you’d like to do in the future. If you plan to stay in your home for the long-term, you may want to update your property so make room in your budget for these occasional expenses.
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