Photo of Luxury Burlington Home for Sale

GETTING PRE-QUALIFIED FOR A MORTGAGE IS VERY IMPORTANT.

Getting a mortgage is an important and rather daunting task. Getting pre-qualified for a mortgage makes it easier for you to purchase the home of your dreams. Make sure you have a commitment on paper from your bank or mortgage broker. (Many people scramble at the last minute because they think they are qualified and the bank has done a very quick "off the cuff" estimate. Make sure they've done a full financial disclosure and credit check).

Once qualified you will know:

  • Exactly what you will pay monthly and can budget
  • Exactly what you can afford (and not fall in love with the wrong house!) down payment amount, where it can come from
  • Closing costs approx. 1.5% to 4% of purchase price (according to CMHC)
  • If you're a first time buyer you may qualify for a program that may afford more home for your money and a better lifestyle!

Ultimately it saves all of us time in finding the right property for you!

Call me if you'd like me to get you in touch with an excellent mortgage broker who can save you time and legwork by shopping all financial institutions (lenders) for you.

DOLLARS & CENTS OF HOME BUYING

The cost of buying a home involves many aspects including a house inspection fee, title insurance, land transfer tax, adjustment costs, mortgage or life insurance, moving costs, set up costs, etc.

TITLE INSURANCE

Title Insurance can be purchased to protect the Lender and/or Buyer against any defects resulting from title irregularities, survey flaws, title fraud, unregistered easements and other conditions that could exist at the time of purchase.

It also provides coverage for any existing by-law violations (like a building being too close to a sidewalk or other property, or a driveway being too wide), encroachments, legal rights of access and other title-related problems that could devalue the property.

LAND TRANSFER TAX

You will pay a one-time provincial tax based on a percentage of the purchase price of the property, which is calculated on a sliding scale. For example, if you purchase a property for $260,000 in Ontario, .5% is charged on $55,000, 1% is charged on $55,000 to $250,000, while the $250,000 to $400,000 range is taxed at 1.5%. Your total tax bill will add up to $2,375. Your lawyer pays it to the government on the closing date.

Quick LandTransfer Costs Calculators Formula

  • $0 - $55,000 Cost of Home x .005
  • $55,000 - $250,000 Cost of Home x .01 minus $275
  • $250,000 - $400,000 Cost of Home x .015 minus $1,525
  • $400,000 + Cost of Home x .020 minus $3,525
  • (Single Family Dwelling/Duplex)

For more info please visit Ontario Ministry of Finance Calculating Land Transfer Tax

LandTransfer Costs Examples

Cost of Home Total Land Transfer Tax
$250,000 $2,225
$400,000 $4,475
$450,000 $5,475
$300,000 $2,975
$350,000 $3,725



Google Rating

5      11 reviews


Photo of Leslie Quinsay

Leslie Quinsay
  July 12, 2024

Laurence is wonderful to work with and always goes above and beyond! She has helped us in both the buying and selling processes multiple times. Highly recommend.

Photo of Gail Alteen

Gail Alteen
  May 28, 2024

Just want to say thank you for your hard work and dedication in getting my home sold. You were very organized, professional and honest. It was a pleasure to work with you.

Photo of Clarissa

Clarissa
  May 27, 2024

Laurence is an exceptional real estate agent. She is professional, knowledgeable, and attentive to my needs. I highly recommend her to anyone looking for a great agent. Thank you, Laurence!

Photo of Stephanie Bishop

Stephanie Bishop
  May 21, 2024

Laurence worked diligently at following up with each person who viewed the property... always available to let me know what kind of feedback she was receiving. No matter when, there is only one person I will ever deal with to buy or sell real estate, and that is most definitely LAURENCE MONGEAU!

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