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Buying a home: finding it, financing it, insuring it – and all the other steps involved – isn’t a simple process.

Helping you understand that process is part of my job as a mortgage broker, and this blog brings you info you need in bite-size pieces.  So my last few blogs have been in a series format, detailing the professionals you’ll work with through the process.  The next series describes how the home financing process works, again in smaller chunks to make it a clear, easy-to-understand process.

Centum Future Mortgage Group arranges residential, commercial and construction mortgages. As a solution driven organization, Future Group believes that a mortgage solution exists for everyone, regardless of income or credit concerns.  We believe that every consumer deserves the best rates, care and service when purchasing or refinancing a home or business.

The sixth in this seven-part series looks at the smaller costs involved in closing on a house.

Enjoy and, as always, I would be happy to answer any additional questions you may have regarding the purchase of a home or on how best to finance the purchase.  Please contact me at 519-649-2502 Ext 3,


There are four different categories of home buying expenses not including the mortgage

  • The down payment

Paid at closing this amount will be whatever you agree to with the lender. There are zero-money-down and ‘cash-back’ options available to those who qualify.

  • Closing costs

Paid at closing, these include your land transfer tax, legal fees, interest, property tax adjustments, lender fees and legal disbursements. Lenders typically require you set aside 1.5 percent of the purchase price of the home to cover these costs.

  • Mortgage insurance premiums

Purchases with a down payment of less than 20 percent require mortgage insurance. This insurance cost is added directly to the mortgage amount, so there is no immediate payout required.

  • Pre-closing expenses

Paid prior to the closing, some of these expenses may apply.

Appraisal: $250 to $450, if required by the lender.

Home inspection: $300 to $500. Optional but recommended so you are aware of any potential problems with your home.

Deposit Money at the time of offer: $100 to $3,000. Held in trust and credited toward your down payment at close.

Other information that may be requested, such as surveys or water samples, may have additional costs associated with them.