Clients always ask me what the mortgage payment is, and sometimes I would love to list out every extra cost to help them realize the true cost of Home Ownership. In saying that, here is a quick list. Always remember to add this to your budget when thinking of getting a home.

This kind of information doesn’t save you thousands necessarily, but it will save your from forking out future expenses you didn’t plan on.

The Forgetful Eight.

• 1. Property taxes : Annual taxes can top several thousand dollars in major urban centers. Ask your broker, there are lenders and banks that will include this payment in your total monthly mortgage payment. Sometimes with B lending there is an additional cost to adding them on to your payment.
• 2. Energy costs: Gas, electricity, pool?, lots of other things.
• 3. Phone internet – they can run lower these days, but lets consider all the streaming subscriptions. I know I have 5!
• 4. Home insurance – more expensive these days, but totally doable. If you ever need a good quote head on over to Youngs Insurance. They can handle any inquiry to the cost of your home insurance.
• 5. Municipal services – this can run around 1% of the purchase price, but we can check with you before you sing on the dotted line.
• 6. Fuel Or transit costs – how far of a drive do you have to your work? school? this is easy with GPS nowadays, but do the calculations. See what it will cost.
• 7.Upkeep – always, always, always, something needs done in your home. Brand new, old, something will always  break. Lets budget some extra cash for this.
• 8.Liesure Bills – extra things that could be cut off if needed to increase cash flow. Pool, etc.

These 8 items are all common, and your mortgage agent should be helping you with a budget if needed. We are here to help at Mortgage Suite and can go through all this with your purchase. Please fill out our online pre-qualification tool here and we will have an agent get in contact with you.

Apply HERE to see what rate you can qualify for