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Closing Costs: Are You Prepared to Pay?
When buying a home there are a lot of hidden expenses that can take you by surprise. Knowing about these costs can make the process of buying your home much smoother. These costs can come out of [what seems like] nowhere. The hidden price tags lay hidden within insurance, mortgage approval, moving fees and more. Here are the most popular hidden costs when buying a new home. Home Specific costs: Land Transfer Tax To transfer the land your home is sitting on into your name can cost between 0.5% to 2% of the home value. First time home buyers are eligible to qualify for rebates. Newly Constructed Homes If you had your house built from the ground up additional costs can emerge if you want to add any upgrades, landscaping or change materials (ex. flooring). The new built is also subject to 5% GST or 13% HST, but this is normally included in the cost of the house. Home Inspections In order to be made aware of any issues with the structure or systems (ex. Pluming or electrical) of your new home, it will need the appropriate inspections. Most of these inspections cost between $350 to $450. Finalizing Your Mortgage: Appraisal Fee Normally an appraiser is supplied by the lender, but they will evaluate and confirm the market value for the home. This normally costs $400 out of pocket for you. Legal Fees When settling a mortgage, you will need a notary or lawyer to help protect you and your interests. Fees normally start around $500 to $800, plus disbursements and added services. Insurance: Home/Fire Insurance Cost depends on the amount of coverage that is needed, but it will cost at lease $500/year. Tax on Mortgage Insurance If you have a down payment of less than 20% then you must have default mortgage insurance. The insurance can be included with your mortgage payments, but PST is due at closing. For example, if the insurance costs $5000, and PST is 8% then you owe $400 up front at closing. Title Insurance This insurance safeguards you against problems with proof of ownership and also fraud. Fees are normally around $150 to $350. Overlooked Costs: Prepaid Costs If the seller of your home has paid any bills that extend past the closing date you will need to reimburse them those expenses. This can include property tax, electric and hydro bills. This can add hundreds of dollars to the upfront costs as they will need to be paid back within a few months. Moving In Moving trucks, Movers, Changing locks and more. The small things no one thinks about until the last minute. Renting a moving truck can cost $100 or more. Movers are normally a few hundred dollars. It can cost $50 to $60 to change all the locks on the property. Any additional costs will come from buying moving boxes, cleaning supplies to clean the house, any new furniture and/or appliances, these costs add up and can increase the cost of moving by more than you were prepared to pay.
Why Use Zoom Mortgage?
Ads can be seen all over the place advertising mortgage brokers but to most, the term doesnt mean very much. A mortgage is a loan from the bank so that you can buy a house, is there really, more to a mortgage broker than that? The answer is yes. A mortgage broker is the unbiased intermediary between you and the bank. While passing along paperwork and contracts for underwriting and approval, at Zoom Mortgage we find you the best and lowest rates to finance your mortgage. Not being tied to one specific lender, ensures that Zoom Mortgage will be able to find a range of products that fit your needs and goals. You will be given the opportunity to see all of the offers on the table in one place and expert advice to help figure out which is best for you. With Zoom Mortgage you can get all of the information you need to make the nest financial decision without any additional costs. Because of the lenders associated with Zoom Mortgage, we are paid a finders fee by those institutions for bringing in reliable customers (like you!). These fees are industry wide, so more focus can be on you. Finding the best deal can be difficult, but by using Zoom Mortgage, you are able to see rates the bank doesnt actively advertise. Lenders often offer lower rates to Zoom Mortgage clients as well as more competitive offers that could include things such as sourcing default mortgage insurance (if the down payment is less that 20%). Even after getting a pre-approval, we keep looking, to ensure you get the lowest rate possible. With all of this you dont even have to lift a finger, Zoom Mortgage will do the math for you and determine what should work best for you. With the help of a mortgage agent/broker financing your mortgage becomes one of the easiest things in the world. All of the offers can be found in one place, so there is no need to shop around. Your focus can go towards finding a home, rather than finding the right lender. Any negotiation that needs to be done is taken care of by the broker/agent, so you dont have to worry about debating rates with the bank. Things generally just go faster with a Zoom Mortgage agent/broker on the case. Between submitting documents, finding rates and contract negotiation we will have your mortgage closed in no time. With ongoing consultations, support and advice Zoom Mortgage will be there for any future mortgage needs such as refinancing, closing any new deals or offering any referral needs. In association with Verico we follow strict ethics codes, professional conduct requirements and have earned an Accredited Mortgage Professional designation. Being the unbiased go-between for you and your lender, Zoom Mortgage offers free pre-approvals and expert mortgage advice. The real question is why wouldnt you use Zoom Mortgage?
Almost no annual growth for national HPI
The national HPI has grown at a below-inflation rate of 0.5% over the last 12 months, the smallest gain since November 2009. Moreover, the fact that monthly gains are reported for May and June does not mean that the market recently turned the corner. These two months typically register the strongest growth rates in a year. Indeed, the two latest rises were among the weakest in history for months of May and June. If seasonally adjusted, the national HPI would been down in both months this year. However, the weakness is not regionally broad-based. The national HPI was dragged down by 12-month home price declines in Western Canada metropolitan areas (Vancouver, Calgary, Edmonton and Winnipeg) and a tiny increase in Victoria. In Central Canada and in the East, home price growth ranges from decent to strong (left chart). This is consistent with the state of home resale markets. For example, the Vancouver market turned favorable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005. That being said, a rebound in home sales recently occurred in Canada which was also felt in the largest Western metropolitan areas. This should help limit home-price deflation in these areas. The Teranet–National Bank Composite National House Price Index increased 0.8% in June, a second gain in a row after an eight-month string without a rise. Highlights: On a monthly basis, the index rose in 8 of the 11 markets covered: Winnipeg (0.1%), Quebec City (0.3%), Montreal (0.8%), Toronto (1.3%), Halifax (1.5%), Hamilton (+1.6%), Victoria (+2.1%) and Ottawa-Gatineau (+2.2%). The index was down in Calgary (-0.1%) and Vancouver (-0.3%), and flat in Edmonton. From June 2018 to June 2019, the Composite index rose 0.5%, the smallest 12-month gain in ten years. The HPI declined in Vancouver (-4.9%), Calgary (-3.8%), Edmonton (-2.6%) and Winnipeg (-0.4%). It was up in Victoria (0.3%), Quebec City (1.5%), Halifax (2.7%), Toronto (2.8%), Hamilton (4.8%), Montreal (5.4%) and Ottawa-Gatineau (6.3%). Source: National Bank Financial Markets; Marc Pinsonneault