The Cost of Buying a Home

Buying a home is a big decision, so it's important to know all the costs involved. 

• Down payment-this comes from the buyer's own funds (usually between 5% and 20%) and is applied to the purchase price.

• Mortgage payment-this is money that's borrowed from financial institutions to buy the home, which can be paid back monthly, weekly or bi-weekly.  This payment includes the money borrowed (principal) plus the interest.

•  Home inspection-it's recommended buyers get the home inspected by a professional.  This is paid in advance.

• Property tax-taxes paid to municipal government for services received.

• Transfer tax-might have to be paid when the name on the title is changed. 

Not to mention the cost of moving, connecting utilities and property insurance.