Thursday, May 11, 2006
Deirdre McMurdy has an article on the affordability of mortgages. The article touches on the pressure of rising interest rates and house prices, as well as informing on closing costs. Many first time buyers are not aware of the costs involved, outside the mortgage, such as mortgage loan insurance, appraisal of the house, an immediate five percent deposit when you make a formal offer to purchase, home inspection, land transfer tax or land registration fees, pre-paid property taxes or utility bills, property insurance, legal fees and title insurance, and the list goes on and on. One can never be too prepared when buying a home. Check out the related articles as well, they are quite informative.
Posted by Snap Up Real Estate on 5/11/2006