TaraRicalis

Waking up to a little bit of Christmas magic! Photo by @ahomefouraldrich

Showing this week and slowing down for the holidays How stunning is this photo by @white.farmhouse I love her style! Tara Ricalis, Mortgage Agent... License M19000490 Verico, The Mortgage Station (11707) 905-717-5213 [email protected] See more

One common expense that can often be overlooked when purchasing a house is the closing costs. These are the legal and administrative fees you will need to pay at the end process of purchasing your house. As a general guideline, you should factor in an additional 1.5-3% of the purchase price. Here is an overview of some of the expenses you may incur prior to getting the keys to your new house: Land Transfer Tax Legal Fees and Disbursements Title Insurance PST on Mortga...ge Default Insurance Appraisal Fees Home Inspection Fee These expenses only apply to specific properties: Septic Tank Testing Well Water Testing Estoppel Certificate Fee You also may be required to reimburse the previous home-owner if they have prepaid: Utilities Property taxes Tara Ricalis, Mortgage Agent License #M19000490 Verico, The Mortgage Station (11707) 905-717-5213 [email protected]

The equity built in your primary residence is tax-free growth! Through the duration you own your home (primary residence) you will be building equity. This is done by paying down your mortgage, making pre-payments on your mortgage, renovating/improving your home, and simply with an increase in market value. If you were to sell this home, the equity you have built in it would be tax-free. Home ownership is an investment worth making. Tara Ricalis, Mortgage Agent... License #M19000490 Verico, The Mortgage Station (11707) 905-717-5213 [email protected] See more

Did you know? If you plan to purchase a home with less than 20% down, you will be required to purchase mortgage default insurance. This insurance is to protect lenders from the risk of a borrower no longer making their mortgage payments and defaulting on their mortgage. The cost of insurance is determined by the size of your mortgage and is based on a sliding scale. This payment is incorporated into your mortgage and paid off over the duration of your loan.... It is important to know that in Ontario you are required to pay a PST of 8% on your insurance premium and this is due at closing. For example: if your mortgage default insurance premium amounts to $10,000, the PST on your insurance would be $800 and would be a cost payable on closing at the lawyers. Tara Ricalis, Mortgage Agent License# M19000490 Verico, The Mortgage Station (11707) 905-717-5213 [email protected]