Mississauga Milton Homes for Sale ( Understand Your Closing Cost in Details)

Just Listed 1051 Clark Blvd Milton ON | Semi Detach with Finished basement Apartment

2014-05-10T10:32:00.001-07:00

2014-04-21T08:49:00.001-07:00

Greater Toronto Market watch .Average Price Up in October, Despite Fewer Sales

2012-11-06T10:34:00.001-08:00

November 3, 2012 -- Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

Source: Toronto Real estate Board. www.Torontorealestateboard.com

How to avoid some common mistakes before selling your home

2012-11-01T10:38:00.001-07:00

A little effort to prepare your home before putting in the market can save you thousands of dollars.

Call me for free staging tips and advice

http://bit.ly/SrR4hT

How to Buy a Home Below Current Real Estate Value

2012-10-31T13:44:00.001-07:00

to get more info about buy a home in GTA call us Dir: 416-986-7862 or visit us

www.Asifshahzad.com or www.sellin30days.ca

http://bit.ly/TuSD11

FIRST TIME BUYERS CAN GET A GREAT ADVATANGE OF RRSPS TO HELP WITH A HOME PURCHAS

2012-04-08T14:12:00.005-07:00

First-time homebuyers can tap their RRSPs to help with a home purchase

Thinking about buying your first home? Wish you had saved up a good down payment? Maybe you have, but didn't know it. Designed to help first-time buyers get into home ownership, the federal Home Buyers' Program lets you access tax-free monies for use towards the purchase or even construction of your first home.

As a first-time homebuyer, you are allowed to withdraw money tax-free from your RRSP, provided you adhere to the repayment plan. You can withdraw up to $25,000 from your plan. If your spouse qualifies as a first-time homebuyer, then he or she will also be able to withdraw $25,000. Between the two of you, you could possibly have a hefty down payment sum of $50,000. That's enough to make a substantial difference in the affordability of home ownership!

There are certain conditions, for example, you must enter into a written agreement to buy or build before you can withdraw money. And, you must meet the repayment terms. Repayment to your RRSP begins the second year following the year of withdrawal. You have up to fifteen years to repay, and each annual repayment must be at least one-fifteenth of the total withdrawal, otherwise you have to include each repayment amount as income for that year.

A detailed booklet is available on the Canada Revenue Agency website. Look for T1036, which is the form required for requesting a withdrawal.

Let's have a conversation about your future plans for home ownership. A good plan is always a great beginning.

Courtesy of www.Invis.ca

www.MississaugaRealestateShop.ca

2011-12-05T08:44:00.001-08:00

Budget yourself, understand your Closing Cost in detail

Closing costs — the list of charges that you need to pay to complete a real estate transaction — come as a surprise for many home buyers. Since closing costs are additional costs over and above the price of a home, you should budget at least 1.5% to 2.5% of the purchase price for closing costs, in addition to the down payment.
Your exact closing costs depend on where you live, how much you are borrowing, and how you are financing your mortgage. The rules and regulations surrounding the various mortgage fees can be complex, and can vary from lender to lender.
Below you will find a brief explanation of these costs. Some of these fees may (or may not) apply to your specific situation. Use this is a guideline and then talk with your lawyer or real estate agent who can provide a more realistic estimate for your situation.

Home inspection fee:

A professional inspection is a definite must for buyers purchasing properties older than 5 years. A typical home inspection can cost anywhere from $300-$400, but that they are well worth the investment. Typically, a home inspection is not required if you are purchasing a new home.

Legal costs and disbursements:
A lawyer or notary will charge a fee for their professional services for work involving drafting the title deed, preparing the mortgage, and conducting the various searches. The disbursements, on the other hand, are out-of-pocket expenses incurred, such as registrations, title search, supplies. These fees usually cost between $600-$800.

Mortgage appraisal fees:

Lenders usually require a professional appraisal of the market value of the property in order to process your loan. This could range from $100-$250. This may be waived depending on how you negotiate the mortgage with your lender.

Land survey fee or title insurance fee:

A recent survey of the property is usually required by the lender, and if one is not available, it normally costs anywhere from $600-$900 for a new survey. In lieu of a survey, most lenders today will accept Title Insurance, at a much lower price of approximately $225.

Land Transfer Tax:

Most provinces charge a land transfer tax payable by the buyer. This tax, which is based on the purchase price, varies from province to province. If you are buying a second home in Toronto (Not a first time buyer) you are liable to pay for Toronto land transfer tax in addition to provincial Tax.

High ratio mortgage insurance:

This is required if your down payment is less than 20%.

Fire Insurance:

All mortgage lenders will require a certificate of fire insurance to be in place from the time you take possession of the home. The cost can vary depending on the property size and extras being insured, as well as the insurance company and the municipality. The cost can vary anywhere from $250-$600 for most properties.

GST/HST

is payable for newly constructed homes. Many builders include this cost in the purchase price so that the buyer does not have additional fees at closing. Therefore, on the offer, the purchase price will say "Plus GST" or "GST Included", and it will identify who will receive the new home GST rebate.
Call Asif Shahzad for any questions about your closing cost. we can help you to calculate exact closing cost for you. www.sellin30days.ca. www.MississaugaMiltonRealEstateshop.ca