Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Mortgage Broker Kent Bittner shares a tip on planning for additional costs with your mortgage

The purchase of a home is the largest purchase most people make during their lifetime. Kent Bittner at DLC-Bittner Mortgages, wants to make each and every purchaser aware of the many mortgage options available to them prior to their purchase and closing date. 

Whether you are a first-time buyer or an experienced buyer with excellent credit, DLC - Bittner Mortgages has access to the very best products and mortgage rates available across Canada.
 

Kent Bittner of DLC-Bittner Mortgages is a Trusted Regina Mortgage Broker 

Will you need to pay any additional costs?  The purchase price of your home is only one of the costs you'll encounter. 


You'll pay some costs at the beginning of the home-buying process and others, known as closing costs or disbursements, when your home purchase is finalized


Here are other possible costs you need to consider:


Property/Land Costs

(Provincial property/land transfer and registration taxes)
It is based on a percentage of the purchase price (0.3% to 2%) and varies from province to province.
Most provinces levy a tax on a home purchase that must be paid at the time of registration.

Legal/Notary Fees

Check with your lawyer or notary for current rates.
Professional representation protects your interests in the purchase of a property. Fees and disbursements may vary based on a transaction's complexity.

Mortgage Insurance

Premium fee depends on the amount you are borrowing and the percentage of your down payment. It typically ranges from 1% to 3.25% of the principal amount of the mortgage.
Any home purchase where the down payment is between 5% and 19% is considered a high-ratio mortgage and must be insured to protect the lender in case of default by the borrower.

Property Insurance

Varies based on value of the property, location and contents of the home.
Mortgage lenders require you to have property insurance in place when you take possession of your new home. Make sure you enlist an insurance agent early.

Home Inspection

$200 to $500
A home's clean bill of health from a qualified home inspector can provide a great deal of comfort when buying a resale home.

Moving Costs

Variable, per hour
Costs depend on what you can do yourself and the distance involved. Prices may be higher at the end of the month or in the summer.

Don't forget to consider general expenses such as: upgrades, and home decorating costs as well.
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