Determine What You Can Afford

Purchasing a home involves one-time costs and monthly expenses.

The largest one-time cost is the down payment.  It usually represents between
5 - 25% of the total price of the property.

In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.  These are listed as follows:

Typical One Time Expenses                                                   

Mortgage Application and Appraisal Fee - Paid at time of application

Property Inspection (optional) - Paid at inspection

Legal Fees - Paid upon closing

Legal Disbursements - Paid upon closing

Land Transfer Tax - Paid upon closing

Mortgage Interest Adjustment and Take Over Fee (if applicable) - Paid upon closing

Mortgage Insurance (and Application Fee if applicable) - Paid upon closing

Home and Property Insurance - Paid upon closing

Moving Expenses - Date of move

Typical monthly costs incurred with home ownership are mortgage payments, maintenace, insurance, condo fees, property taxes and utilities.