Hidden Fees When Buying A Home »
Keep Hidden Fees In Mind Before Making Final Offer »
| Appraisal fee: | Lender may require – basic appraisal in the $150 – $200 range |
| Property taxes: | Lender may require that the property taxes be included with your mortgage payment |
| Survey fee: | Lender will require. Don’t need to worry about getting one when buying a new home |
| Property Insurance: | For replacement value of your home and contents. Lender requires as it is security against your mortgage |
| Service charges: | For items such as telephone and cable |
| Lawyers’ fees: | Legal work and review of papers. Shop around |
| Mortgage loan insurance application fee: | For a high ratio mortgage, you must have this insurance. CMHC fees are $75.00 if an appraisal is provided by the lender, $235 if it is not. The insurance will cost anywhere from 0.5% to 3% of the amount of the total mortgage |
| Mortgage broker’s fee: | fee for finding a lender and putting the financial work together |
| Moving costs: | Professional movers range from$50 to $100 per hour and higher at the end of the month and in the summer |
| Estoppel Certificates: | About $50 for a certificate that outlines a condominium corporation’s financial and legal state |
| Maintenance fees: | For condominiums – monthly fees for common area maintenance |
| Water quality certification: | $50 to $100 to to certify well service. NOTE: – FREE in our area |