Home Purchase Mortgage Services
Richmond Hill Mortgage Broker Helping Clients Purchase Their Dream Home!
Do you know there are associated costs to consider in the purchase of a home or condo. Prior to taking possession of your home. You will need funds available to cover the following:
- Deposit
- Appraisal fee
- Home inspection fee (option)
- Property or Home insurance
- Property tax
- Land transfer tax or Land Registration fee
- Status certificate fee
- Title insurance
- Legal fees and disbursement
Do you know there are different guideline to qualify between prime lenders and Alternative lenders?
Prime lenders require GDS/TDS: 39/44%
Alternative lenders require GDS/TDS: 45/50%
GDS = PITH/Total income
TDS = PITH + All other debts / Total income