Selling Your Home?

When you and the seller come to an agreement on the price to be paid for the house, you must provide a deposit. A deposit is an advance payment of part of your down payment and is paid at the time of signing the Agreement of Purchase of Sale.

The Agreement of Sale is a legal document the buyer and seller approve detailing the price & terms of the transaction.

When negotiating the cost of the house you want to purchase, it is important to keep in mind that you will also be required to pay property tax. Property tax is paid on privately owned property and is usually paid semi-annually or monthly. The amount is based on local tax rates and assessed property value.

Other than the deposit and down payment, you should keep in mind that you will likely also be paying for a home inspection – an examination of the structure and mechanical systems to determine a home’s safety and makes the potential home buyer aware of any repairs that may be needed.

Considering insurance on your mortgage Talk to your mortgage professional about insurance protection against your mortgage in case of death, accident or illness. There are many insurance options to choose from.

Mortgage Loan Insurance

Mortgage loan insurance enables home buyers to purchase a home with as little as 5% down payment. The amount of the insurance premium depends on the amount borrowed from the lender. Premiums can be paid in a lump sum or be added to your mortgage and included in your monthly mortgage payment.

Title Insurance

Title Insurance provides the purchaser with coverage against title risks inherent in real estate transactions (including title fraud) for as long as you own your home.

Mortgage Life Insurance (also known as creditor life insurance)

Mortgage Life Insurance is designed to protect your family from the financial burden of paying off your mortgage in the event that something should happen to you. It is a life insurance policy that pays the balance of your mortgage to the lending institution if a person listed on the mortgage is unable to make mortgage payments.