hey Tom. as u said we are paying 5%on first 5,00,000 and then 10% on next 5,00,000. as u said an example in the video of 6,00,000 property we are paying 35,000. Why we cant do the same thing if we buying a property over million dollar. why we have to pay 20%
Could you explain, in more depth, what mortgage insurance entails? What is it? What does it cover? Thanks so much for all the information in this video!
If you put down less than 20% on a property in Canada, our lending regulators mandate that you have to have mortgage default insurance. The mortgage insurance is actually for the lender.
I have a question if I have 50k, no debt, both me and gf make over 60k each yearly. Will the bank give me a mortgage for me to go buy land and build a container home while living in a 800 dollar apartment?
Love your video Tom, I recently bought a condo in Mississauga and on my Purchase of sale Water is included in my utilities. The question is "Why do i have to contact ND Energy - Water/Thermal provider if my water is included in the monthly maintenance fee?
Why nobody mentions how much (approx.) you will need to pay for utilities and fees? As for first home buyer (especially for immigrants) it is important to understand real financial load after you buy a house. One thing is to pay for mortgage some amount, another thing how much you will pay in total. I’m trying to find this info and as I understand this is approx. 1k/month plus for different monthly payments.
So you say land transfer tax exempt in the beginning for the first time homebyuers, and, then you say expenses are lawyers and land transfer tax? I assume you talk in general regarding the last question...
Thank you for your valuable videos I have the following questions 1. Who will prepare Conditional Sold document? 2. What legal documents a lawyer will prepare for the buyer? 3. To whom the conditional offer made by the buyer real estate agent will be submitted to ? 4. Who will fill up the loan application? 5. To whom the "commitment on the loan " done by the underwriter will be submitted to? Thanks and regards
It really depends. If you put less down, then your monthly payment will be higher. If you can afford to put 20% down it’s ideal because then you won’t have to pay mortgage insurance. But, it’s very specific to each buyer. No right or wrong answer.
