Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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Tuesday, March 26, 2024 / by Evelyn Lopes
The Last Step Before the Big Step: Why the Final Walk-Through is a Must
Buying a home is one of life’s biggest milestones, filled with excitement and dreams of the future. But before you cross the threshold into your new life, there’s a crucial step you shouldn’t overlook—the final walk-through. This step is more than just a formality; it’s your ultimate defense against any surprises that could turn your dream home into a less-than-perfect reality.
Uncovering the Overlooked: The Importance of the Final Walk-Through
Imagine the excitement of moving into your new home, only to discover the beautiful chandelier that caught your eye is missing, or the cozy fireplace that was the selling point doesn’t work. These are not just minor inconveniences but can be real disappointments that tarnish the joy of your new beginning. That’s where the final walk-through comes into play. It’s not just about giving the house one last look; it’s abo; ...
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Tuesday, December 12, 2023 / by Evelyn Lopes
Mastering the Financial Aspects of Home Buying in Canada
Mastering the Financial Aspects of Home Buying in Canada
Are you thinking about buying a home in the Toronto GTA? Whether you're a first-time buyer or a seasoned real estate enthusiast, the financial process of purchasing a home in Canada can be both exciting and overwhelming. In this blog post, we'll explore key insights from experts about what you need to know when it comes to the financial aspects of buying a home in the Great White North.
Understanding the Financial Landscape
Owning a home is a significant life milestone, and it's essential to be well-prepared for the financial aspects of this journey. Let's uncover some valuable information provided by experts in the field.
Major Financial Costs
One of the fundamental aspects of buying a home is understanding the major financial costs involved. From the down payment to ongoing homeownership expenses, it's crucial to have a comprehensive understanding of what you'll n; ...
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Thursday, October 19, 2023 / by Evelyn Lopes
Unlock Financial Flexibility with BMO's Saver's Advantage Program: An Overview
Navigating the maze of mortgage approval can be a challenge, especially if you find that you don’t fit neatly into standard lending criteria. Whether you’re a retiree, self-employed, or a high net-worth individual, BMO’s Saver’s Advantage Program may be the solution you’ve been searching for. In today’s blog post, we will provide an overview of this revolutionary program that leverages your investments and savings to make mortgage approval easier than ever.
What is the Saver’s Advantage Program?
The program is designed for those who may not meet standard lending conditions but have a strong portfolio of savings and investments. Instead of shutting the door on these clients, the Saver's Advantage Program offers a pathway to mortgage approval by acknowledging these assets.
The Power of Indirect Leverage
One of the cornerstones of this program is the concept of ...
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Monday, September 25, 2023 / by Evelyn Lopes
Ever wondered what happens after you sign the papers to buy a house? Buying a home is a big deal, and there are many steps to take before you get the keys. Let’s look at the process and break it all down into simple steps transitioning from accepted offer to the closing and move in day.
Step 1: Sign the Papers and Pay a Deposit
First, you and the seller will sign a contract called an "Agreement of Purchase and Sale." This document spells out in writing everything about the purchase of the house including, the legal description of the property, the agreed upon purchase price, the deposit amount, any conditions that are part of the agreement such as conditions on financing, home inspection, status review if it is a condo. Essentially, this paper says you agree to buy the house and how much you'll pay for it. It will also detail the closing date- or day on which you plan to move into or out of the home if you are the seller. After signing, you'll give some money as a deposit. ...
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