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What to consider BEFORE buying
Buying a home is an investment in your future. Given its importance, knowledge is
key to making the right purchase. Take a look at these tidbits of information before you
dive into the buying process.
THE UPFRONT COSTS OF BUYING
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DOWN PAYMENT This is paid once and typically represents 5-20% of the purchases price. |
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HOME INSPECTION & APPRAISAL FEES This gives you more information on the property during subject removal. |
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INSURANCE COSTS Property insurance, mortgage loan insurance, etc. |
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PROPERTY TRANSFER TAX This ranges from 1.0-3.0%, depending on the property cost. |
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LEGAL & NOTARY FEES These are required during property completion in order for the property to be registered in your name. |
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POTENTIAL REPAIRS & RENOVATIONS Any upgrades or fixes you will be making immediately after moving in. |
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MOVING COSTS This includes packing materials plus hired professional movers. |
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GOODS & SERVICES TAX (GST) |
IMPORTANT DOCUMENTS FOR YOUR MORTGAGE BROKER
- Contact information for your employer & your employment history
- Proof of address & your address history
- Government-issued photo IDs with your current address
- Proof of income for your mortgage application
- Proof of down payment, including the amount & source
- Proof of savings & investments
- Details of current debts & other financial obligations
