Avoid surprises! Take a few minutes to review these important topics before purchasing your home...

Guides for New Home Buyers

Here are guides that no new home buyer should not be without ...

Land Transfer Tax Calculator

If you purchase a property for $260,000 in Ontario, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent. Your total tax bill? $2,375.00.

Land Transfer Tax (Ontario Calculations):

Add the following together and you'll be able to determine what your Land Transfer Tax will be:

• Up to $55,000 X .5 %, plus...
  
• From $55,000 to $250,000 X 1 %, plus...
  
• From $250,000 to $400,000 X 1.5 %, plus...
  
• From $400,000 up X 2 % of total property value

5% and 10% High-Ratio Mortgages

CMHC enables home buyers to finance up to 95 percent and even 100 percent of the purchase price of a home.

The following are CMHC premiums:

Ask your lender for terms and conditions.

0% Down, "Cash Back" and "Do Not Pay for n Days"

"0% Down" and "Cash Back" is an option that several mortgage providers offer where you can receive up to 2% of the total mortgage amount up front in cash. These funds are a great help to people wanting a little extra spending money to pay for the costs of moving, land transfer, and other expenses. The downside is that you may pay a fractionally higher percent for your mortgage but its worth it if you need the cash flow.

"Do Not Pay for 30, 60, and 90 Days" are other mortgage lending options available to new mortgage clients. Its another great way to protect yourself from the cash flow crunch at moving time.

These financing options, and others, are available through most mortgage brokers. See Home Financing for a list of mortgage brokers that I recommend.