Additional costs when buying a home

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Additional Cost Of BuyingThe following are some of the costs that a home buyer should consider when purchasing a property

One of the reasons why some people are hesitant to purchase a new home may be because they don’t know of the extra expenses they’ll go into after the purchase of the property

Knowledge is power, and you can learn from other people’s experiences and make the most of your home purchase.

Simply knowing about this additional costs, can give you peace of mind and can help you understand the times when you would need the funds and in some cases where to get the financing from.

While additional costs vary with each home purchase, they generally average about 1.5% to 4% of a home’s selling price.

The following is a list of some additional cost when buying a home

  • Property land cost
  • Legal Notary fees
  • Mortgage Insurance
  • Property Insurance
  • Home inspection
  • Moving costs
  • Service hook ups

Click here to see the complete list including approximate amounts and what they are specifically

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Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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Non owner occupied rental mortgage

Non Owner Occupied Rental

The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent

Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.

The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.

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Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

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Mortgage Agent

Mortgage broker Toronto with quick personalized service, access to lenders offering their lowest mortgage rates through Mortgage agent Jesus del Rio

Mortgage AgentWe can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now

From your TMortgage Broker - Mortgage Edgeoronto mortgage agent, you have quick personalized service and get your mortgage loan approved.

Don’t worry about your credit, submit your online application and let’s get it done now!

If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment

If you have questions about what type of mortgage you need, learn about the following mortgage products

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.

Let us help you

Request your *mortgage assessment free*, apply online and get a free one on one meeting

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First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments, if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
Call or text 416-262-7139
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