Don't forget your closing costs

Your new home. There's nothing quite like it. However, endless paperwork, surveys, title searches, delays and fees can make for a stressful experience. The variety of fees associated with buying or selling a home are your closing costs. Here is a list of the most common closing items that need to be completed for your real estate transaction.

Other expenses

Tax adjustment - can be up to 7/12 of the total tax bills, however they can be much less depending on the time of year.
Insurance - between $300 for a condo - $600 for a large house
Hidden costs - CMHC insurance between 1.5% - 3.75%

Read on the next pages

CMHC - helping with the Canadian dream

• An affordable form of insurance
• Calculating Gross Debt Service (GDS)
• Calculating Total Debt Service (TDS)
• Your monthly mortgage payments

Work through the following worksheet to see what you can afford.
Don't forget about closing costs
Current mortgage rates
Back to basics investing
Real estate remains hot in 2003
Solid reasons for investing in real estate
Home buying and the Internet
Housing fuels Canada's economy

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