What are the typical costs associated with getting a mortgage in Canada?
In general terms, the following are typical costs which you will incur when obtaining a mortgage. Again, these costs are not specific to Balance Mortgages Inc but are normal expenses associated with mortgages in Canada and may depend on your location. A member of the Balance Mortgages Inc Mortgage Team will discuss these costs in detail once your mortgage is approved. The following are given as a guide only.
|Legal Fees||$850 – $1,000|
|Appraisal||$200 – $300|
|* Title Insurance||$200|
*Title Insurance is required on most mortgages with loan to value ratios over 65%. A survey certificate can be substituted.
Depending on your Province, you may be subject to a property purchase tax when purchasing a new home. Again, Balance Mortgages Inc Mortgage Specialist will be in contact with you to discuss these costs.