Estimate the Total Cost of Your Home Purchase

The cost of a home is made up of more than just the purchase price. Once you have picked a price range and decided on the type of mortgage you want, you will need to add up all of the costs of buying a house to determine what you can afford. 

This worksheet will help you do just that.

Description of Cost	Cost
Cost of Home	$
Purchase price	$
GST (if applicable)	$
Total Cost of Home (add the purchase price and GST if applicable)	$
Up-Front Costs	$
Appraisal fee (if applicable)	$
Deposit (to be paid when you sign the Offer to Purchase)	$
Down payment	$
Estoppel certificate fee (for condominium unit)	$
Home inspection fee	$
Land registration fee	$
Legal fees and disbursements	$
Mortgage broker’s fee (if applicable)	$
Mortgage insurance premium (can be included in your mortgage)	$
Prepaid property taxes and/or utility bills adjustment	$
Property insurance	$
Survey or certificate of location cost	$
Title insurance	$
Other	$
Total Up-Front Costs	$
Other Costs	$
Appliances	$
Gardening equipment	$
Snow-clearing equipment	$
Window treatments	$
Decorating materials	$
Hand tools	$
Dehumidifier	$
Moving expenses	$
Renovations or repairs	$
Service hook-up fees	$
Condominium fees	$
Total Other Costs	$
Total Costs (add up Total	$

Please contact me to pre-qualify for your mortgage.  This will help you greatly in determining what you can afford!

Determining Your Household Budget

Preparing a monthly budget -- and sticking to it -- is one of the keys to successful homeownership. You should watch what you spend each month and see if you are getting closer to meeting your financial goals. If you continue to spend more than you make, you must find ways to spend less. Use the following worksheet to help develop your budget.

Details	Average Monthly Payment
Housing Expenses
Electricity	$
Heating costs	$
Mortgage (principal and interest)	$
Parking fees (if paid separately)	$
Property insurance	$
Property taxes	$
Water	$
Non-Housing Expenses
Cable TV/Satellite/Video Rental	$
Car fuel	$
Car insurance and license	$
Car repairs and service	$
Charitable donations	$
Child care	$
Child support/alimony	$
Clothes	$
Dental expenses	$
Entertainment, recreation, movies	$
Furnishings	$
Groceries	$
Internet	$
Life insurance	$
Lunches/eating out	$
Medical expenses, prescriptions, eye wear	$
Newspapers, magazines, books	$
Personal items	$
Property and contents insurance	$
Public transportation	$
Savings (bank account, RRSPs)	$
Telephone/Cell phone/ Internet	$
Other expenses	$
Total Monthly Expenses	$

Note: You may have other costs not shown on this worksheet. Make sure you add these other costs when you fill out this form.

Blog Post Number One, for want of a better title

Welcome to my new blog. This first post I'm sure will fail to be as enlightening or inspiring as I'd hope, but here we go.

Are You Financially Ready for a Mortgage?

Buying a home is one of the biggest financial decisions you will make, so it is important to know your current financial situation to be sure that you buy a home that you can afford.

Get Your Mortgage Pre-Approved
Getting your mortgage pre-approved will let you know what kind of house you can afford. It will make the search for your home easier and less time-consuming.

To get your mortgage pre-approved, you will need:

• your personal information, including identification such as your driver’s license; 
• details on your job and proof of your salary;
• information about your bank accounts, financial assets, current loans and other debts;
• how much your down payment will be and where the money is coming from; and
• proof that you have enough money to cover the costs of closing the sale — usually between 1.5 — 4 per cent of the cost of the house.
  

Trouble Qualifying for a Mortgage?
Sometimes, after everything has been taken into account, you may find that you can’t afford the house you want. If that happens, you may want to:

• pay off some loans first.
• save up a larger down payment.
• revise your target house price.

The Importance of Your Credit Rating
Your credit history gives mortgage providers information on your financial past and how well you have paid your debts and bills.  If you have no credit history, it is important to start building one. This can be done, for example, by applying for a credit card.

If you have a bad credit history, you can still qualify for a mortgage as long as you have a guarantor — a person who meets the bank’s or credit union’s requirements, has a good credit history, and can guarantee your loan.