Helpful Tips for New Home Owners

Mortgage It Right!

HOME OWNERSHIP Information
 
 
 
THE COSTS OF PURCHASING
 
Kelleway Mortgage Architects will work with you to ensure your mortgage covers all of your costs. 
 
Selling Price (A)
Less Costs
Real Estate Commission assuming ___ %
GST on Real Estate Commission ___ %
Legal Fees
Disbursements on Sale
Payout 1st Mortgage
Penalty to Discharge 1st Mortgage if applicable
Discharge Administration fee
Payout of 2nd Mortgage
Penalty to Discharge 2nd Mortgage if applicable
Discharge Administrtion fee
Property Taxes (paid up to date)
Other Debts to be paid out from Sale
TOTAL COSTS (B)
Net Cash Available from Sale (A - B)
 
Purchase price of new property less deposit made with offer
Additional downpayment (if any)
 
Closing Costs
Land Transfer Tax
Legal Fee
Registration Costs/Disbursements on Purchase
Title Insurance
Adjustments/Incidentals
Mortgage Application Fee / Appraisal Fee
Insurance Premiums or Lender Fee
PST on Insurance Premiums (if applicable)
Lenders Application Fee / Commitment Fee
Interest Adjustment (lender to confirm)
Property Tax Holdback (lender to confirm)
TOTAL CLOSING COSTS
 

MOVE-OUT / MOVE-IN CHECKLIST 

 
 
Notify
  • bank accounts
  • business accounts
  • credit cards
  • dentist
  • doctor
  • driver's license
  • employer (e.g., payroll)
  • government agencies (federal, provincial and municipal)
  • health professionals (e.g., chiropractor)
  • home delivery services
  • lawyer (e.g., wills)
  • optometrist
  • personal services (e.g., hair stylist)
  • points and reward cards
  • post office
  • professional services
  • publication subscriptions
  • schools and libraries
Change or Cancel
  • cable or satelite TV
  • cleaning services
  • gardening
  • gas
  • home insurance
  • hydro
  • internet service
  • life insurance
  • security monitoring system
  • snow removal
  • telecommunications
  • waste removal
Move-out Day
  • furnace turned down or shut-off
  • garbage removed
  • home phone service discontinued
  • keys given to realtor or new occupants
  • lights turned off
  • mail picked up and forwarded
  • meter read
  • tell neighbours or landlord you have moved out
  • windows and doors shut and locked
 
PAYING OFF YOUR MORTGAGE FASTER
Glen Kelleway atKelleway Mortgage Architectscan help you become mortgage-free sooner. Paying off your mortgage faster can add up to BIG savings both in interest and in the number of years you will be making mortgage payments.
 
 
Links to PROPERTY TAX Information
 
 
 
 
 
Electronic Funds Transfer (EFT) or Pre-Authorized Debit/Payment (PAD)
 
HOW TO READ YOUR CHEQUE NUMBERS
TO FILL IN A
PRE-AUTHORIZED PAYMENT OR ELECTRONIC FUNDS TRANSFER FORM:

Refer to the following example to identify the numbers needed from Your Personalized Cheque in order to complete an Electronic Funds Transfer (EFT) or a Pre-Authorized Payment/Debit (PAD) form.  These numbers will allow the lender to release funds from a client’s bank account to make a specified payment (e.g., monthly mortgage payment).
 
*The numbers used in the example below are fictitious.
 
825  85432  884  1574 620

Cheque Number = 825
Bank Transit Number = 85432
Institution Number = 884
Account Number = 1574 620

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rates subject to change without notice
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