WHAT ARE THE COSTS ASSOCIATED WITH BUYING A HOME?

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WHAT ARE THE COSTS ASSOCIATED WITH BUYING A HOME?
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• Its no secret that it can be expensive to move
  home, and its not just the cost of the property
  itself that can cause a dent in your bank
  balance. To help you get a better understanding
  of everything youll be expected to pay for when
  you buy your first home, some of the main costs
  are listed below
• Down payment
• While a lot will depend upon your specific
  circumstances, youll need to have at least a 5
  down payment, and to qualify for a conventional
  mortgage, youll need 20 or more.

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• Deposit
• This sum will count towards your down payment,
  and is the amount requested for by the seller to
  show your financial commitment to buying their
  property.
• Home Inspection fee
• While not everybody chooses to have a
  professional home inspection carried out before
  they buy a property, they are recommended, and
  can highlight any number of repair or maintenance
  issues that could affect the structure of the
  property, and which you might not otherwise have
  known about. A written report enables you to go
  over the findings in detail.

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• Mortgage default insurance (including provincial
  sales tax, PST)
• If youre putting down a deposit thats less than
  20, you can pay the insurance premiums in one
  lump sum at the beginning, or have them factored
  into your mortgage payments.
• Land transfer Tax (LTT)
• This is calculated as a percentage of the price
  youre paying for the property, and the amount
  can vary according to the province its in.

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• Legal fees, disbursements and title insurance
• Typically obtained through your solicitor, or
  associated with them, at least, these costs may
  vary, and often quite significantly.
• Other closing costs
• Some of these may include property insurance, and
  tax or utility adjustments.

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• Moving costs
• The majority of homebuyers hire the services of
  professional moving companies to help them pack
  up and shift their belongings, and while their
  prices can be competitive, theyre still an
  additional cost youll need to set funds aside
  for. You may also need to pay professional
  cleaners to clean your own home before sale, or
  your new property before you move in.
• The best way to understand more about the various
  costs associated with buying a new home, is to
  talk to someone who knows the industry inside
  out, such as a mortgage advisor or broker.
  Theyll be able to talk you through every aspect
  of the mortgage process, and help you get the
  best deals for your money.

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• Red Key Mortgage is located in Calgary, Alberta.
  We are a boutique brokerage with high volume
  serving hundreds of clients locally and
  nationwide every year. We have a number of
  associates dealing in mortgages as licensed by
  the Real Estate Council of Alberta. As the best
  mortgage broker in Calgary, Red Key Mortgage,
  will provide all of your available options from
  the entire mortgage market and allow you to make
  an educated decision where you'd like your
  mortgage to go. Red Key Mortgage works with big
  banks in Canada, as well as over a dozen other
  AAA lenders. Best of all, our services are paid
  for by the lenders at no additional cost to our
  clients. If you are looking for a Calgary
  mortgage broker, contact us today! We can't wait
  to get started.