Buying an Edmonton home is surely one of the biggest financial investments you will ever commit yourself into in your lifetime. Aside from the Selling Price of the home, you will also need to consider other expenses associated with the purchase.
Here are some that you will need to add to your computation:
1. DOWN PAYMENT – Let’s start with the most obvious. Down payment’s are usually in the 5% range. It will depend on your mortgage company.
With the new Canadian mortgage rules, home buyers who will avail of a mortgage with less than 20% down payment will be required to qualify for a higher interest rate. Ouch!
Learn more here:
2. EARNEST MONEY – As defined by Investopedia:
Earnest money is a deposit made to a seller showing…