Be aware of these additional costs when you're purchasing a home:

• Home inspection (optional but recommended)
• Appraisal
• Title insurance 
• Mortgage life insurance (optional) 
• Well or septic system testing, cleaning
• Property transfer tax, if you owned a home previously. The breakdown on that is 1% on the first $200,000, 2% up to and including $2 million, and 3% on anything greater than $2 million. 
• Closing costs (legal or notary fees and expenses incurred)
• Potential repairs or renovations. Ask us how you can include renovation costs in your mortgage at the time of your home purchase.
• Utility set-up (garbage and recycling, hydro, etc.)
• Moving costs

Understanding these costs will help you prepare for buying your home. Our mortgage specialists can guide you through the process and answer any questions you may have.

Here’s how you can save a down payment faster

You have options to help you save for a downpayment on your first home:

• Save more for your down payment through the government's Home Buyers' Plan (save up to $60,000 in your RRSP, tax-free) 
• Save up to $8,000 tax-free per year in a government-registered First Home Savings Account
• Get $1,000 towards your new home with Coastal Community's One Grand Plan savings account

While the government will not allow you use a credit card or unsecured personal loan or line of credit to make a down payment on a home, they do offer government-registered savings accounts to help get you on your way to buying your first home.

“My advice to homebuyers is to find a balance between managing credit responsibly and building good savings habits,” says Cindi Levine, Mobile Mortgage Manager for Coastal Community. “Both of these are important indicators of credit worthiness. And many people don’t realize how important payments on utilities and cell phone bills are. Remember they can adversely affect your credit score if you don’t pay on time.”