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Costs associated with getting a mortgage in Canada
Below are costs which you will incur when obtaining a mortgage through a mortgage broker in BC or Canada. These costs are normal expenses associated with any mortgages in Canada and will depend on your individual situation. Legal costs associated in financing a strata titled condominium is always slightly higher than financing a house because of the documents required by your notary or lawyer such as the form b. Your mortgage broker will discuss these costs in detail once your mortgage is approved. We always encourage our borrowers to shop around for the lowest legal costs. The following are general guidelines.
- Legal fees to transfer title (conveyance) and register new mortgage are typically in the eight hundred to one thousand dollar range.
- Register new mortgage only is six to seven hundred dollars
- Appraisal two to three hundred dollars
- Appraisal can be higher in rural areas or specialty properties that are difficult to value.
- Title Insurance approximately two hundred dollars
*Title Insurance is required on most mortgages with loan to value ratios over 65%. In certain circumstances a survey certificate may be substituted.
Depending on your Province, you may be subject to a property purchase tax (PPT) when purchasing a new home.
Please do not hesitate to call your mortgage broker in vancouver if you require additional information. |
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