3. Plan for additional costs
There are a number of expenses related the purchase of a home. And since these expenses may affect the downpayment you expect to make, they should be taken into account.
Related expenses
Approximate cost
Appraisal fee
$150 to $300
Home inspection fee
$150 to $400
Home insurance
$400
Welcome tax (land transfer tax)
$1,000 to $4,0001
Municipal taxes
$2,000
Lawyer (notary) fees
$500 to $800
School taxes
Moving costs
$800
Total expenses
$5,400 to $9,100
This list of expenses is based on the purchase of a $100,000 home and is provided for information purposes only. Actual costs may vary and other expenses may apply. As you can see, it's important to find out about all related expenses before making your mortgage application.
1varies between 1% and 4% of the purchase price
Meet with a Mortgage Development Manager in your home.
