First Time Home Buyers

One of the most important investments of your life is the purchase of your home.
There are many important questions that a first time home buyer must be aware of. Most new buyers do not understand the home buying process and may become confused or discouraged from making that important purchase.
Allow a mortgage professional to guild you through this important and sometimes confusing buying process.
BC first time homebuyers can expect to pay additional expenses when purchasing their home. Most of the expenses in purchasing a home are onetime costs but others are continuing costs.
A down payment of 5 to 10% is usually your largest initial cost for a first time home buyer but you should be aware of additional costs such as:

• Legal Fees & Disbursements
• GST and PST (if applicable)
• Property or Land Transfer Tax
• Adjustments (reimbursed to the vendor)
• Interest
• Property Taxes
• Utility Payments
• Strata or Condominium Fees
• Estoppel certificate fee
• Survey Fee
• Home Inspection Fee
• Water quality and quantity certificate
• Appraisal Fee
• Mortgage broker's fee (if applicable)
• Mortgage Loan Insurance Premium (if less than 25% down)
• Mortgage Loan Insurance Application Fee (if less than 25% down)
• Moving Expenses
• Renovations and repairs
• Furniture, paint, carpeting, window coverings, etc.
• Service and Utility Hook-up Fees
• Property/Condominium Insurance
• Mortgage Application Fee
• Deed and/or Mortgage Registration Fee

After the purchase of your home you will have to be prepared for additional expenses that come monthly, quarterly or on a yearly basis. Some such costs include:

• Mortgage Payment
• Water and/or Sewer Payments
• Electricity and Gas Services
• Cable and Telephone Services
• Property Taxes
• Strata or Condo Fees
• Repair/Maintenance Expenses
• Homeowner's Insurance