Toronto Mortgage Loans | Refinance Mortgage | Second Mortgage | Mortgage Calculator | Commercial Mortgages | Debt Consolidation

Testimonial

You guys are great and thank you for understanding my credit problems and helping me finance my home, most other companies I’ve seen do not offer the level of service as you guys do. I had an excellent home buying experience, and will definitely recommend you to my friends and family.

    -Jeffrey Grove, Hamilton

Credit Applications

Purchase Price Checklist Print E-mail

Keep in mind that purchasing a home often adds numerous other expenses. This purchase price checklist outlines all other costs and fees you should expect when in the process of purchasing a new home.

Purchase Price

The Purchase price is always the starting point, you’re likely to need a mortgage for the majority of this.

Lawyer's Fees

Although fees vary, lawyer’s fees can cost you up to $2,500 depending upon whether you are re-mortgaging your current home or buying a new home. Be sure to contact us or your realtor to help with this process.

Land Transfer Tax

This is payable to the provincial government by the purchaser upon the transfer of title from a seller. The amount varies across the nation and is generally a percentage of your purchase price. Contact us for any further advice, we’re here to help.

Registration Fees

Fees paid to the provincial government for recording a title transfer, mortgage registration, etc.

High Ratio Insurance

High ration insurance must be purchased if you are buying a home for less than 25% down. A sliding fee scale applies. This depends on the percentage of the purchase price required in a first mortgage.

Compliance Letter

The compliance letter is obtained by your lawyer and required in many municipalities throughout Canada before a property transfer can take place. This acknowledges that no outstanding legal claims or work-orders are in effect. Work-orders are specific requirements that the owner is legally required to do. These must be completed before ownership can be transferred.

Tax Certificate

The tax certificate is obtained by your lawyer to confirm that local taxes have been paid and are up to date. If they are not up to date, the seller is required to pay them from the proceeds of the sale.

New Home Warranty Program

This is a provincial warranty program between a builder and a buyer. With the exception of Ontario and Quebec, membership in this is voluntary for the builder. Through these programs, your home is guaranteed against defects for at least one year. All homes with a high-ratio insured mortgage must be enrolled in a new home warranty program.

Mortgage Appraisal/Application Fees

Generally, this is about $150 — $235.

Home Inspection

A report commissioned by a property owner or purchaser. This is usually to verify the condition of a property prior to the purchasing it. Be aware that no licensing is required. As the buyer of the home being inspected, ask for a resume from the Inspector, or select a name firm.

Land Survey

The land survey is the legal written description of the location and dimensions of your land. The survey should also show the dimensions and placement available for structures such as pools, sheds and fences. An up-to-date survey is often required by the lender.

Title Insurance

Title insurance can be purchased by home buyers to protect against potential deficiencies in a number of areas, such as the land survey. Consult us or your lawyer about this product today!

Connection Charges

Some local utility companies (hydro, gas, oil, etc) charge a fee to connect new buyers up to their service. More common, however, is an extra charge on the first billing.

Interest Adjustment (IA)

If you make your mortgage payments monthly on the first day of the month, and your transaction closes after the first day of the month, your lender will charge you interest on closing to the next interest date, called the Interest Adjustment Date (IAD). This amount varies.

 



© 2008 Toronto Mortgage Loans. All rights reserved. All other trademarks are the property of their respective owners.