How Much can you Afford to Pay for your Home Mortgage Loan?
When you are looking to buy a house, you have to identify first the amount you will be able to pay in addition to monthly expenses.
The higher amount you will have to pay on your home is the down payment, which represent usually 5 to 25% of the price of the house. But there are several other expenses you can expect in addition to the purchase price of your home.
Here follow a list of expenses you should prepare to pay when you buy a house:
1. Mortgage application and assessment fee.
2. Property Inspection (optional but highly recommended).
3. Legal Fees you pay when you close the deal.
4. Surveying (information sometimes provided by the seller)
5. Land transfer tax, tax on deeds.
6. Adjustment of interest on mortgage loan and acquisition fee (if applicable)
7. Adjustments for fuel, property taxes, etc.
8. Home Insurance and mortgage insurance
9. Moving Expenses
But there also other expenses you will have to pay each month after you have buy the house. Those monthly expenses are usually home mortgage payments, maintenance, insurance, condominium fee (if applicable), property taxes and utilities.
That’s all for this article. If you have any comments or experience to share, please write it right away! You will help a lot of people to get good information and avoid mistakes!
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