Costs to Consider When Applying for a Mortgage.

BY The Sagicor Advisor Posted January 22, 2019 In Costs to Consider When Applying for a Mortgage.
When you buy a home you take on other financial obligations that you must consider in determining your comfort zone. These include:

One-time costs:

Valuation or Quantity Surveyor’s fees: Your mortgage specialist will confirm which report is required whether you are buying or building.

Legal Fees:  You will be required to retain a lawyer or notary to act for you in the purchase and mortgaging of the property.

Moving Costs: Whether the move into your new home is a do-it-yourself affair or you hire movers, there will likely be costs involved.

New Home Costs: You may need to buy certain items early on – appliances, tools, gardening equipment, new furniture, carpets or curtains.

Monthly costs:

The Mortgage Payment: The amount of the mortgage payment can vary widely due to a number of variables including interest rate, term, size of the mortgage and your age.

Property Insurance: All homes must be insured against fires and other risks of loss, theft and liability. You will be required to provide proof that your insurance is in place.

Property Taxes: You will incur property tax on your home or land on an annual basis.

You will be responsible for all utility bills including gas, electricity, water and telephone.

You will have to cover the costs of maintenance, lawn care and renovations.

Condominium or Townhouse Fees: If you purchase a condominium or a townhouse, you may be required to contribute to the upkeep of the common grounds and public areas. Your property manager or condominium association can provide full details.

Life Insurance: You will be required to provide life insurance as collateral security for the mortgage.

Give us a call to discuss or make an appointment or contact a Sagicor Advisor at 246-467-7500
Home Ownership