What costs are associated with a mortgage?
- Legal costs (Usually between $600 – $1000)
- Insurance on the property and mortgage applicant
- In some cases an appraisal is requested
What do I need to obtain a first Mortgage?
- Full-time employment or stable income
- Proof of income
- Good credit rating
- Down-payment of at least 5% of the property purchase price
What can I use for a down payment?
- Registered Retirement Savings Plan
- Gift from immediate family
- Sale of existing home