Closing Costs
Name one closing cost unique to the buyer.
what is: Land Transfer Tax?
True or False: Your housing budget includes only your mortgage payment.
what is false?
What is the typical range for a down payment?
What is 5–20% of the purchase price?
What tax applies when you buy land or a home in Ontario?
What’s a common total commission percentage for both agents?
What is 5%?
Who pays for legal fees in a real estate transaction?
What is both the buyer and the seller?
If you earn $6,000/month, what is the maximum housing budget?
What is $1,800?
What is the “income multiple” rule banks use to qualify you?
If you sell your investment property for $1,000,000.00 and your originally purchased it for $500,000.00 what portion of your profit would be subjected to Capital Gains on?
What is 50%?
On a $600,000 sale with 5% commission, what is the total fee?
What is $30,000?
True or False: Closing costs are included in your mortgage.
what is False?
What percentage of your monthly income is the maximum recommended to spend on housing?
30%
Calculate the monthly mortgage using: Principal × Interest Rate ÷ 12. Use $550,000 at 3%.
What is approximately $1,375?