Expenses to be expected in a residential mortgage
Mortgage loan insurance, cmhc premium or genworth
It is a percentage of the loan amount, based on the down payment. Amount due if the borrower makes a down payment of less than 20% of the purchase price. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums
9% TAX ON MORTGAGE LOAN INSURANCE
Fees to obtain an expert's opinion on the market value of the property. The mortgage lender may request an assessment to determine if the sale price of the property is reasonable, according to the market.
Certificate of location charge (or title insurance)
The lender usually requires a recent certificate of location for the property or title insurance.
These fees must be paid for the services of a notary (in provinces other than Quebec, it is a lawyer). These expenses cover the search for titles, the drafting of a mortgage deed. Registration fees and other disbursements are also included.
Utility bills and other unpaid charges.
Early repayment; penalty
Generally, this penalty will be the maximum amount between three months of interest or loss of interest incurred by your financial institution due to the total repayment of the mortgage. To find out how much this is for you, you should consult your loan agreement.
Mortgage acquittal; receipt
A document or receipt that relieves you of a debt, in this case, your mortgage. It is a notary who will charge you what costs him to record the transaction and his fees to make the process with your financial institution. Usually, the receipt is obtained by the buyer's notary. To know the exact amount, you must consult the notary.
Valid housing insurance
Mortgage lenders require that you protect your home (secure their loan) against fire and weather damage by taking out home insurance.