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Mortgage Pre-Approval – Buying a Home Step 2

Getting pre-approved for a mortgage could well be the first on your list of things to do when buying a home. However, sometimes a real estate agent will be called in first, and “Have you been pre-approved for your new purchase?” will be one of the items they will ask. Having the knowledge of what kind of mortgage you have at your disposal helps to define your realistic real estate goals.

Having a complete understanding of types of mortgages, their corresponding rates and fees, and the detailed fine print about things like the ability to pay down your mortgage faster and porting your mortgage are examples of important things to know about. Mortgage brokers are professionals that can guide you through the variables. And how do you choose a mortgage broker? If you already have a relationship with a financial institution, that is a good place to start. But just as when choosing a real estate agent, talking to a few mortgage brokers ensures that you are getting the best advice.


There are other associated costs of the home buying process and now is a good time to discuss them:

One Time Costs

  • Down payment
  • Legal fees
  • Mortgage fees (potential herein)
  • Land survey fee
  • Home inspection fee
  • Title insurance (this is not as common in Canada)
  • Property transfer tax
  • Adjustments or reimbursement for prepaid services (utilities, taxes)
  • GST / transitional tax (if buying new home)

Monthly Costs

  • Application fee
  • Appraisal fee
  • Mortgage broker fee
  • Mortgage Payments Utilities Maintenance Insurance
  • Property Tax
  • Lease Fees (if a leasehold property, not prepaid)

Always check with your realtor, mortgage broker and lawyer to ensure that you have an understanding of all associated costs

 

> Go to Step 3

 

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