I cover what costs to expect when going through the mortgage financing process. Also provided is a timeline of when you can expect to pay these costs.

1. +
How much does it cost to get a mortgage?
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca
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2. +How much does it cost to get a mortgage?
n One of the most frequently asked questions I get is ‘how
much does it actually cost to get a mortgage?’ My answer is
to budget at least 1% of your purchase price to cover costs. I
want to detail what that number can include.
n I will also provide you with a timeline as to when these costs
will arise during the mortgage process so you are prepared.
n Most of these costs are only applicable if financing the
purchase of a home, though they may also apply to mortgage
refinances too.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

3. +Before the Mortgage
Downpayment
n This is the amount you are investing in the purchase, it must
be at a minimum of 5% of the purchase price.
n Your downpayment funds should be available at least 10 days
prior to your move in date while still allowing sufficient time
to redeem any investments such as RRSP funds.The holder of
your investment accounts will be able to advise how long the
process takes until those funds can be deposited into your
bank account.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

4. +Before the Mortgage
Deposit upon Offer to Purchase
n This is the initial amount you must provide when you write an
offer for the purchase of a specific property.
n The purpose of this most often “refundable” deposit is to show
the seller you are interested in purchasing their property and
this amount will be credited towards your total downpayment at
closing date.
n The actual amount of this deposit is part of the negotiations your
realtor will be doing on your behalf with the seller’s realtor.
n Be prepared to provide a paper trail of where these funds came
from to the lender when confirming the source of the total
downpayment.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

5. +Before the Mortgage
Application fee
n In some high-risk borrowing scenarios, you could be asked
to provide an upfront application fee.
n This is usually a non-refundable cost a potential lender
would charge you before they even consider reviewing your
application for approval. The fee amount varies depending
on mortgage amount and lender.
n This is mostly applicable on private mortgages or alternative
lending applications only.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

6. + During the Mortgage
Appraisal
This is not always required as a good majority of values
these days can now be confirmed electronically.
Having said that, there are many other reasons why
lenders want an appraisal and if they do, the cost for an
appraisal report starts at approximately $300 and goes
up depending on location and type of property.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

7. + During the Mortgage
Property Inspection
Before you buy a home, you may want to know how
“sound” the home is. A professional will inspect the roof,
electrical and plumbing among other things. Cost could
be around $500.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

8. + During the Mortgage
Lawyer fees
The lawyer’s role is to facilitate the transaction on behalf
of the lender, as the lender is not just going to issue a
cheque for thousands of dollars to the seller of the home
without ensuring a mortgage can be registered against
the property.
I usually recommend you budget around $1200-$1400 for
legal fees, though your lawyer can give you a more
accurate price quote.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

9. +After closing the mortgage
Interest Adjustment
Depending on your closing date and payment frequency
chosen, you will likely have to pay an interest adjustment cost.
Different lenders have different guidelines so your mortgage
professional or lawyer should be able to give you an estimate
of this daily cost if applicable.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

10. +After closing the mortgage
Property tax adjustment
Your possession date will determine if you have to come up
with additional property taxes for the year you are buying in.
This payment would be in addition to the additional amount
you may choose to include with your regular mortgage
payments.
Your lawyer will provide exact amount as it will also depend on
how the seller is presently paying their property taxes.
Jackie Woodward // Mortgage Broker // TMG
Phone: 780.433.8412 // Email: info@mortgagegirl.ca // Visit: mortgagegirl.ca

11. +
Do you have mortgage questions?
Contact Jackie the Mortgagegirl at 780.433.8412 or info@mortgagegirl.ca
Visit our website at www.mortgagegirl.ca
Follow on Twitter @mortgagegirlca
Like us on Facebook at facebook.com/mortgagegirl.ca
GIRLS
mortageIt’s difficult to provide an exact figure
for some of the costs involved in getting a
mortgage.That’s why I recommend you
budget about 1% of the purchase price for
extra costs in addition to your down
payment.You may not need the entire 1%,
or you may require more, so budget
accordingly.
Again, your lawyer will be able to provide
you with a full disclosure of all costs
relating to your mortgage financing,
before, during and after the mortgage
closes.