Ontario Realtor

This is for Fisrt time Home 🏠 Buyers:

To buy a property in GTA priced at $950,000, you need to consider several costs, including the down payment, closing costs, and other associated expenses. Here's a breakdown:

1. **Down Payment:**
- The minimum down payment is tiered based on the purchase price of the home:
- For the first $500,000, you need 5%.
- For any amount over $500,000 up to $1,000,000, you need 10%.
- For a $950,000 property:
- First $500,000: 5% = $25,000
- Remaining $450,000: 10% = $45,000
- Total minimum down payment = $25,000 + $45,000 = $70,000

2. **Mortgage Loan Insurance:**
- If your down payment is less than 20% of the purchase price, you will need to pay for mortgage loan insurance, which protects the lender. The cost depends on the size of your down payment.

3. **Closing Costs:**
- These typically range from 1.5% to 4% of the purchase price. Closing costs can include legal fees, land transfer taxes, and other expenses.
- Estimated closing costs at 3%: $950,000 x 3% = $28,500

4. **Total Initial Costs:**
- Minimum Down Payment: $70,000
- Closing Costs: $28,500
- Total Minimum Money Required: $70,000 + $28,500 = $98,500

You should also consider additional expenses such as moving costs, home inspection fees, and any immediate repairs or renovations. It’s a good idea to have some extra savings for these and other unexpected expenses.

Realtor Hussein Al Sahmi
Your Real Estate Sales Professional
437 333 4369

DEAR NEW HOUSE!
We will be home soon!

NOW LISTED!!!

MLS® # E8248394

https://realtor.ca/real-estate/26770962/11-yacht-drive-clarington-bowmanville?utm_source=consumerapp&utm_medium=referral&utm_campaign=socialsharelisting

11 Yacht Dr, Bowmanville

Offered at $3,799

✦ 5 Bedrooms
✦ 4 Bathrooms
✦ Lake View
✦ a Stream Winds through the Property
✦ Stunning West View of Sunsets
✦ Three Balconies all with lake view
✦ 400 Sq Ft Rooftop Terrace

Contact us Today!

Hussein Al Sahmi
Remax West Realty
437 333 4369

Check out this listing 11 YACHT DRIVE, Clarington, Ontario L1C3K3

Realtor Hussein Al Sahmi

𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐏𝐫𝐞𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐒𝐚𝐥𝐞𝐬 𝐄𝐯𝐞𝐧𝐭 at Hyatt Hotel in Mississauga. Learn more about Condo investments and the best-selling Preconstruction projects within your budget and your requirements.