A is a quick and easy tool that lets you know the maximum amount of mortgage you qualify for and allows you to estimate your mortgage payments. It’s important to review your entire monthly budget to ensure this amount is comfortable and leaves room for unexpected expenses. For example, the mortgage industry uses a formula […]
How much do I need for a downpayment?
If your home will be owner-occupied, you need at least 5% down for the first $500,000 of the purchase price, and 10% for any amount over $500,000 up to $999,999. If the purchase price is $1,000,000 or more, the minimum down payment is 20%. You will need at least 20% down if you are buying […]
I have my downpayment saved. What are the other costs I need to know about?
Are you ready to buy a home? Make sure to budget for upfront purchase costs to avoid any surprises! During the underwriting process: Appraisal fee (approx. $500) Home inspection (approx. $500 At the lawyer’s office: Closing costs (approx. 1.5% of your mortgage or purchase price): land transfer tax, title insurance, legal fees and disbursements Prepaid […]
Confused? Some common mortgage terminology may help
Appraisal – Lenders sometimes require appraisals to be done on homes. This estimate is to confirm the value to confirm the sale price. The lender needs to be assured that the $300,000 house you are purchasing is actually worth what you are paying for it. The cost for this typically ranges from $350 to $500 or […]