Real Estate Overview
Buying a home may be the largest single investment any us will make. Those who have already taken that step have experienced the demands of coming up with a down payment, arranging for a mortgage, dealing with real estate agents, undertaking home inspections, making offers, completing the legal paperwork and paying all of the fees that come along with that purchase.
But many will be taking the plunge for the first time. They will be moving into uncharted territory and may be unsure of what issues they should consider. After the decision to buy has been made the question of ongoing affordability arises there is more to consider.
Small down payments can require additional fees such as CMHC insurance. There are land transfer costs, appraisal fees, home inspection fees and legal fees that come into play. Estoppel certificates, survey costs and mortgage broker fees can also come into play.
When all these costs are added a potential buyer may find they have less cash to deal with than expected.
Use our MortgagePlanner to estimate your cash costs including down payment, CMHC fees and other fees as well as your monthly mortgage payments.
Once you have your cash cost and monthly payments estimated, you can make a determination of whether or not the purchase of a home fits into your budget.