Though you may have been approved for a mortgage and can now cover the price fo the home you’ve decided to buy, remember that you’ll need to cover additional fees to complete the buying transaction. These three important fees are related financing, insurance and legal issues.

Financing fees cover the administration and other related costs that you incur during the financing process.

Mortgage loan insurance fees must be paid by buyers who have received a high ratio mortgage. Typically, a down payment of less than 25% is a high ratio mortgage, and requires insurance purchased from the Canada Mortgage and Housing Corporation.

For legal assistance in the purchasing process, whether or not you get a mortgage, you’ll need a lawyer. And we all know that lawyers don’t come cheap. Make sure to set aside enough funds to cover these legal fees.

This entry was posted on Wednesday, January 9th, 2008 at 10:08 am and is filed under Financial Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.