buying a first or next home

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Buying a First or Next Home Mortgage Architects Your Mortgage Ladies 4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287 www.mortgageladies.com

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If your down payment is less than 20 percent you will have a high ratio mortgage loan insurance premium which will be added onto the mortgage.

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Page 2: Buying a first or next home

Mortgage Loan Insurance Premium  

If your down payment is less than 20 percent you will have a high ratio mortgage loan insurance premium which will be added onto the mortgage.  

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Home Insurance  

Get your potential new home insured as soon as possible. You need it insured before you can move in and the lender will demand you have it.  

Page 3: Buying a first or next home

Title Insurance  

As you can see buying a home means lots of insurance. Title insurance may not be required but many lawyers and lenders recommend it. It will save you from fraud and future troubles with your title.  

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Appraisal Fee  

The lender will want to know that the home you want to buy is actually worth the price you’re paying for it. That means in most cases you will need to pay to have the home appraised.  

Page 4: Buying a first or next home

Home Inspection  

Is your dream home a healthy house or a hovel about to fall into major disrepair? To determine the state of your new abode you’ll need it inspected. This is especially true of older homes.  

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Taxes  

Depending on where you are in Canada it’s called a property purchase tax, a deed registration fee, a land transfer tax, or a tariff. Regardless, it’s a tax and it’s going to be expensive.  

Page 5: Buying a first or next home

Closing Costs  

Canadian homebuyers need to remember that they don’t get mortgage funding until they’ve closed and they can’t close until they’ve paid all their closing costs. A lot of first time home buyers are shocked by how fast closing costs can add up. While it varies, home buyers should expect closing costs to equal 1.5 percent to 4 percent of their home’s purchase price.

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Page 6: Buying a first or next home

Lawyers  

Buying a home is a huge deal and a major transaction. It’s a good idea to employ the services of a lawyer or notary. While it depends on the transaction this cost is likely to be relatively inexpensive.  

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Misc. Costs  

Other possible closing costs include reimbursement of pre-paid bills by the previous owner such as property tax or utilities. You should also be aware of interest adjustments as it relates to the day of the month you close. Finally, be honest with yourself and your pocketbook when it comes to moving expenses.  

Page 7: Buying a first or next home

Mortgage Planners  

Don’t get surprised by closing costs. An experienced mortgage planner can help you accurately estimate your closing costs as well as answer any questions you may have on the subject.  

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5 | License #10287

www.mortgageladies.com

Page 8: Buying a first or next home

About Mortgage Architects 

Mortgage Ladies at Mortgage Architects offer custom solutions for all your mortgage and financial needs. As mortgage agents we have access to more than 50 different lenders, including most major banks. Services we provide include First and Second Mortgages, Mortgage Renewals, Debt Consolidation, Credit Repair, Vacation/Second Homes, Renovation loans, Commercial Mortgages and Loans for Investment property 

www.mortgageladies.com

Mortgage Architects Your Mortgage Ladies4 Northumberland Place, Brampton, ON L6S 4E5

www.mortgageladies.com