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Closing Cost Information
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Closing
Cost Information
Be informed. Homebuyers often are not fully prepared for the additional
costs involved
in purchasing
property. While the purchase price is by far the largest cost, it's imperative
to take into account the numerous direct and indirect expenses (including):
- Legal Fees: for
arranging the mortgage, title searches, title deeds and registering
the mortgage and disbursements.
- Mortgage Insurance
& Application Fee: this is applicable whenever the down payment
is less than 25% of the purchase price.
- Appraisal Fee:
required by most lending institutions prior to providing financing.
- Home Inspection
Fee: Optional but advisable.
- Property Insurance
- Land Transfer Tax:
May be exempt if a first-time buyer and acquiring a new home.
- G.S.T.: applies
somewhat to all new homes. Partial rebates may be available.
- Moving Costs
- Miscellaneous:
Telephone, cable, gas, hydro may require new account or installation
charges.
Moving?-Don't
Forget About Forwarding Your Address To
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