Optional Closing Costs when buying a House or Condo
Home Inspection Fees: $500 to $800 Optional costs but strongly recommended to have it done. It is usually placed as a condition to the Offer to purchase.
Appraisal Fees: $300 to $500 some lenders would prefer to appraise the home before granting the loan. (optional).
Condo Certificate/ Estoppel Certificate: $100 to $200. If you are buying a Condo then your lawyer would need to review the Condo or strata certificate to confirm that the condo is free from any claims, liens or charges.
CMHC Fees: If you down payment is less then 20% then you would be paid for default insurance.
|Loan upto 85%||1.80% Fees|
|Loan upto 90%||2.40% Fees|
|Loan upto 95%||3.60% Fees|
|Loan 90.01 to 95% Non Traditional||3.85% Fees|
Non – Traditional: 5% down for less than $500,000 and 10% down for more than $500,000.
Credit Score: 650 Recommended
Debit to service ratio: between 42 to 44%
Only one mortgage.