Kathleen Caught, Consultant Investors Group

Hi ************,

Thank you for this exceptionally thorough reply as it really gives me a sense of where you are at. I hope that I can offer to you some insignts that will assist with your journey!

To address the small upfront costs...first off..there is no charge for my service. I hope you understand that I rely on the goodwill of my clients to continue to stay in business and by the service provided that you will be able to without question, share with your friends and family the benefit of being in the relationship with myself the mortgage broker. We aim to provide what you need to get things done and assist you along the way like a specialist would, but without additional costs. As we discussed, my role is yes to provide you with best rate and best product for you, but it is also a relationship that continues for years down the road and therefore access to me by phone, email or in person is not limited to the purchase of your home. Strategy conversations, like the one we had can continue to occur going forward.

So for a budget figure for all costs associated with the purchase of a home, CMHC suggest you budget 1.5% and we have to prove that you have that budgetary figure in your account prior to closing date. I usually suggest that this show in your account 30 days prior to closing as it makes for a smooth closing. Some people will wait longer but as there are many hands working together it helps the lawyer receive his documents on time and have extra hours to prepare what he/she needs to do at their end as well. Who you choose to work with should be people who are specializing in the real estate industry as it has become very sophisticated over these last few years for many reason.

Things tend to fall in place once you find the home you are really interested in and your realtor will assist you with some of the timing of what comes first. I might suggest that you keep me in the loop as you go forward as it can be somewhat of a roller coaster ride. The realtor is there to guide you to what is the correct order. My own thoughts are that the inspection is as crucial as the mortgage approval so simultaneously completing these requirements usually occur. The mortgage approval includes the appraisal and this can sometimes take longer than expected in a hot market that we are in so hours ( which a few years ago was possible) is more like days to a week to get an answer back, depending on the property itself.

On a mortgage of $170000 and if we are able to qualify at the interest rate of 3.89% is approx $740 for Principal and Interest ( property tax and utilities not included) If there are condominium fees that is extra

So hopefully that is helpful?
Best regards,
Kathleen Caught, Mortgage Broker