Mortgagenomics Canada

8 First Time Homebuyer Tips1) Be aware of the minimum down payment requirements5% up to $500,000, then 10% on the balance thereafter up to $999,99920% for $1M purchases up to $2.5M, then 40% on the balance thereafter2) Be aware of closing costsClosing costs are ancillary expenses throughout the process of completing your real estate transaction. In addition to your down payment funds, the lender will also request document verification for closing costs. All of the following costs are out-of-pocket and not included in overall mortgage:Pre-Closing Date Costs: Home Inspection Fee ($200-$400), Home Appraisal ($300-$400) Closing Date Costs: Land Transfer Tax (this will vary depending on city/municipality). In British Columbia, the property transfer amounts to 1% of the first $200,000, then 2% on the amount over $200,000 up to and including $2M, and 3% thereafter (i.e. for a $900,000 property purchase, your Land Transfer Tax would amount to $16,000).&