It’s a mistake many first time and even experienced home buyers make. You find your dream home, the price looks right, but if you didn’t discuss the closing costs involved in making the purchase with your mortgage broker, you could be in for a shock.
As a home buyer, having to understand every little detail that goes into buying a new house can be time-consuming and challenging. There are experts that are trained to help you every step of the way so that you can concentrate on finding the home that’s right for you, while the experts find the right way to secure it for you and your family. The Home Mortgage Centre has a team of trained brokers at your disposal to help answer all of your questions about closing costs in Newfoundland and Labrador.
But even with the right people by your side, having a little extra insight into the home buying process never hurts. That’s why it’s a good idea to know which discussions to have with your mortgage broker before you commit to buying a home. And one of the most important points to get educated about is closing costs.
Closing costs are sneaky little extras that many home buyers aren’t prepared for when they commit to buying a home. By dealing with a trusted mortgage broker in Newfoundland and Labrador, you’ll be a step ahead. They will be sure you understand what closing costs apply to your new house and how much to expect to pay.
Here are some of the closing costs that could be associated with your new home:
- Deed registration. The costs associated with registering the property.
- Mortgage registration. The costs associated with registering the mortgage.
- Legal fees. Fees collected by lawyers but in large part passed on to the government for various files and items.
- Appraisal fees. The cost for having your home appraised in order to determine a value.
- Title search. Title searches verify who owns the property, whether there are any restrictions on the property and whether there are any mortgages or other liens on the property that must be paid at closing.
And that list is not even exhaustive. All of this can be a little overwhelming for first time home buyers, but it doesn’t need to be.
Understanding and calculating the closing costs that come with buying a home is an important reason to deal with an established mortgage broker, such as The Home Mortgage Centre. The right mortgage broker will help you understand the different closing costs involved in buying your dream home and will help you calculate what those closing costs should amount to. We offer our services to everyone in Newfoundland.