If you have decided to buy a house at Brant ford then Congratulations! However, before a
making your decision we hope that you have done enough research about property market in Brant ford.
It is very important to get all the relevant information while looking houses for sale in Brantford and be well aware about various fees and the process of purchase, so that you need to overstretch yourself financially in order to pay various additional cost.
Following are few costs that will be needed while buying any property in Brant ford.
- Mortgages
Perhaps you are not aware but if you have not planned to put 20 per cent down payment on your house then you may be needed to pay for mortgage insurance as per the Canadian government rules.
Your options for insurance provider are either CMHC or Gen worth Financial Canada. Please visit to CMHC website to do necessary calculations as the website provides helpful calculators.
You can thus know the cost of insurance and also about mortgage payments.
You may find out if you need appraisal done by your lender on your property to make sure that your property value is right for the loan. It is quite possible that your fee for this appraisal may be paid by the lender.
- Various legal fees
Without any assistance from the lawyer you cannot buy your home. The lawyer only has knowledge about all the procedure and he will keep in mind your best interest.
The lawyer’s fees may also vary which may be around $800 – $1,200 based on the intricacy of your transaction. Select your lawyer very carefully as you may need their help if any problem ever arises either during or after all the transactions.
- Land transfer tax
There will be certain amount of land transfer tax which will be levied on each transaction and that will be added to your payments by the lawyer who will then pay it to your provincial government on the behalf of you.
You must do little research to find out how much tax will be needed for your property.
- Down payment
This is where you have to get into various technical jargon. If your loan is a conventional type with no need of insurance fees then a 20 percent down payment of your purchase price to be paid.
By paying as low as 5 percent down can provide you high ratio loan from CMHC which can be collected by the lawyer and will be payed to lawyer of the seller.
- Other fees
Few other costs of moving are movers, if you need them, and few of your utilities or other services who may charge minor fee to transfer your services to new location.
You must be very clear that no payment required to be paid to the real estate agent. Real estate agent will automatically get commission by the seller as per the agreement about commission stated on Agreement of your Purchase and Sale.
We hope by now you must have got good idea about the expenses you can now calculate approximately how much fees will be paid by you based on the target purchase price.
