EXPENSES BORROWERS SHOULD CONSIDER

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The area of expenses is a guide for clients to follow and all items listed may not be applicable to your situation.  It is determined based on the lender, property type, location, type of mortgage, loan amount, property value and other factors.

To determine if the below expenses will be mandatory or not in your situation, please contact us at Tel: 905-277-2663 OR Email: ameera@cmfg.ca

EXPENSES WHEN PURCHASING:

  1. Lawyer – mandatory
  2. Down payment amount – mandatory
  3. Land Transfer Tax ( LTT) – mandatory
  4. Payout collection and judgment – mandatory
  5. Inspection
  6. Environmental
  7. Lenders
  8. Brokers
  9. Moving/Transportation
  10. Appraisal
  11. CMHC or Genworth or Canada Guarantee insurance premium capped on the mortgage amount

EXPENSES WHEN REFINANCING:  

  1. Appraisal
  2. Lenders
  3. Brokers
  4. Environmental
  5. Payout collection and judgment – mandatory
  6. Lawyer – mandatory
  7. Discharge – mandatory
  8. Existing mortgage penalty – mandatory 
  9. Property tax arrears – mandatory 
  10. CMHC/Genworth/Canada Guarantee insurance premium capped on the mortgage amount (not applicable unless you are using stated income qualification for loan amount above 65% of value with A lenders).

NOTE: All expenses can be paid from the proceeds when refinancing but when purchasing, expenses will be covered by the borrower.

WE DO NOT CHARGE A BROKERS FEE IN MOST CASES!