Great video again. I just have 2 questions: 1- we know nowadays that inspectors for properties are almost extinct because of all the home sales that are done without accepting one. My question is: if they limit the number of people that see the house at 2 people would it be a good idea that instead of a wife or husband coming with you to view the house you would be better off to bring your inspector with you? 2- when are all these fees and taxes to be paid off? It’s before, after or when the bank gives you the mortgage amount for the house? Could you use a cash back mortgage to pay all these fees is what I am interested in or you have to prove you have all the money for the fees and taxes before the bank gives you the money ? Thank you. Really useful video.
I’m soo glad I’m retired at 61 and have no mortgage. My home in 2003 was 240,000 dollars is now worth 650,000 lol. My kids live here for free as they are going to university and doing well . Kids are saving their money and doing well . I’m just so sad for the young people these days that can’t afford the high prices . What can buy you a house is if your parents agree to buying it for you with their inheritance! Check it out
Here in Quebec, every new home comes with only base price of the home. Then we need to add the following: a) QST = 9.975% b) GST = 5% c) New Appliances = close to 10K; in fact Quebec is the only province that I have heard where appliances are not given. Sucks and Quebec just does not want to change or do away with this senseless practice. d) Welcome tax (land transfer tax) e) QST on CHMC insurance and the other expenses you have mentioned. Alberta is a heaven. No Welcome tax, no tax on CHMC insurance. Really miss those days where in I saved so much of money (soft savings) living in AB.
What about realtor commissions? The money comes from the buyer -> seller -> realtor.... so the buyer is paying the realtor fees. Heck, even mortgage broker commissions.
I’m on the seller pays side of the realtor commissions conversation. If I own a house worth x I have two options to sell it, one is by myself and the other is with a realtor. If I choose to pay the realtor to help me the property is still worth x. And as far as mortgage broker commissions go, I’m not aware of any lenders that will give you a lower rate if you choose to go to them directly rather than through a mortgage broker, so those fees are definitely paid by the lender not the client.
@@NolanMatthias There's a bit of indirection happening but those fees and costs aren't happening without a buyer. With regard to the price of a home perhaps some sellers would take a lower price if realtor commissions were not part of it. I disagree that notion that "the property is still worth x". A home owner that understands basic math would rather take a lower purchase price if the net received on the transaction was higher. If the cost bank vs. broker is the same the marketing/paperwork is partially being outsourced to the broker. There's still a cost and that is part of the equation. It may be slightly harder to quantify but it's all getting amortized into a monthly payment from the buyer's perspective.
I’ll address the realtor costs first. When a sale is performed without a realtor there is always an appraisal required. In 18 years of doing mortgages, and thousands of transactions I can say unequivocally that only once have I seen a buyer get a better deal when a realtor wasn’t involved. That buyer happened to be a very sophisticated industry member. So if sellers always get the full value for their property or more then the cost of a realtor is the sellers not the buyers. This is based on 18 years of evidence and data not speculation. With respect to mortgage brokers, the cost of a mortgage broker for a lender is far less than what it would cost for an employee, therefore the banks make more money when a deal is brought to them by a broker. You can factor that cost into the equation, but you can also factor in the cup of coffee they offer you at the door. At the end of the day if using a broker saves you money it wasn’t a cost to a borrower it was a benefit. You can move the chess pieces around the board all you want, you can paint them different colours if you want. But at the end of the day calling pawns knights doesn’t make them knights. Appreciate your comments though and your perspective.
@@NolanMatthias by this logic you should just roll all the costs in the video into the mortgage payment so there's zero hidden costs. It's a great video but I just disagree. If you're buying a "starter" home you have the realtor cost deferred because your intended to sell it. The money is still flowing. That's a cost to somebody.
Nolan, you're asking people coast to coast to use your company, but your website is heavily focused on Calgary. I suggest you at least add a FAQ entry on the site clarifying the regions from which you can accept customers.
00:58 1. GST
01:34 2. Mortgage default insurance
02:44 3. Legal fees
03:34 4. Appraisal fee
04:55 5. Land transfer tax
05:29 6. Home insurance
06:22 7. Moving costs
07:09 8. Condo fees
07:33 9. Home inspection
08:10 10. Well/septic report
09:05 11. Property taxes
09:28 12. Payout penalty
Nolan, thanks for a detailed and informative video!
Hey Nolan, can you make a video on how to buy a condo/ unexpected costs for a condo? Thank you great video!
Don't buy a condo. They're a rip off 100%
Great stuff Nolan. Your videos are very insightful
Thanks
Great video again. I just have 2 questions:
1- we know nowadays that inspectors for properties are almost extinct because of all the home sales that are done without accepting one. My question is: if they limit the number of people that see the house at 2 people would it be a good idea that instead of a wife or husband coming with you to view the house you would be better off to bring your inspector with you?
2- when are all these fees and taxes to be paid off? It’s before, after or when the bank gives you the mortgage amount for the house? Could you use a cash back mortgage to pay all these fees is what I am interested in or you have to prove you have all the money for the fees and taxes before the bank gives you the money ?
Thank you. Really useful video.
Thank you Nloan for the great Advice!
can u get out of a house agreement if u have condition to finance
I like these kinda informative videos more than the one that just puts out the creators opinion of what market is going to do.
I’m soo glad I’m retired at 61 and have no mortgage. My home in 2003 was 240,000 dollars is now worth 650,000 lol. My kids live here for free as they are going to university and doing well . Kids are saving their money and doing well . I’m just so sad for the young people these days that can’t afford the high prices . What can buy you a house is if your parents agree to buying it for you with their inheritance! Check it out
What are the cost if I pay cash ? thanks
Here in Quebec, every new home comes with only base price of the home. Then we need to add the following:
a) QST = 9.975%
b) GST = 5%
c) New Appliances = close to 10K; in fact Quebec is the only province that I have heard where appliances are not given. Sucks and Quebec just does not want to change or do away with this senseless practice.
d) Welcome tax (land transfer tax)
e) QST on CHMC insurance
and the other expenses you have mentioned.
Alberta is a heaven. No Welcome tax, no tax on CHMC insurance. Really miss those days where in I saved so much of money (soft savings) living in AB.
end of 2023 - still same advice for variable rates?
Who do hire to appraise vacant land, the same type of appraiser?
I always thought that the variable rate was the worst way to go.
Hey Nolan, thanks for the great info! Do you know how much land transfer fees are in Alberta?
$50 + $40 for every $100,000 of the value
Great video. Looking to buy my second home myself
Great content Nolan. I’m a realtor in Vancouver. Very clear and concise info.
Thanks Toni
Does all of these apply in province of NL?
Thanks!!
Very good and informative video....I like it...👍👍👍♥️♥️♥️♥️♥️♥️
What about realtor commissions? The money comes from the buyer -> seller -> realtor.... so the buyer is paying the realtor fees. Heck, even mortgage broker commissions.
I’m on the seller pays side of the realtor commissions conversation. If I own a house worth x I have two options to sell it, one is by myself and the other is with a realtor. If I choose to pay the realtor to help me the property is still worth x. And as far as mortgage broker commissions go, I’m not aware of any lenders that will give you a lower rate if you choose to go to them directly rather than through a mortgage broker, so those fees are definitely paid by the lender not the client.
@@NolanMatthias There's a bit of indirection happening but those fees and costs aren't happening without a buyer. With regard to the price of a home perhaps some sellers would take a lower price if realtor commissions were not part of it. I disagree that notion that "the property is still worth x". A home owner that understands basic math would rather take a lower purchase price if the net received on the transaction was higher. If the cost bank vs. broker is the same the marketing/paperwork is partially being outsourced to the broker. There's still a cost and that is part of the equation. It may be slightly harder to quantify but it's all getting amortized into a monthly payment from the buyer's perspective.
I guess given that they potentially affect the overall cost of a house they are the ultimate hidden cost.
I’ll address the realtor costs first. When a sale is performed without a realtor there is always an appraisal required. In 18 years of doing mortgages, and thousands of transactions I can say unequivocally that only once have I seen a buyer get a better deal when a realtor wasn’t involved. That buyer happened to be a very sophisticated industry member. So if sellers always get the full value for their property or more then the cost of a realtor is the sellers not the buyers. This is based on 18 years of evidence and data not speculation.
With respect to mortgage brokers, the cost of a mortgage broker for a lender is far less than what it would cost for an employee, therefore the banks make more money when a deal is brought to them by a broker. You can factor that cost into the equation, but you can also factor in the cup of coffee they offer you at the door. At the end of the day if using a broker saves you money it wasn’t a cost to a borrower it was a benefit.
You can move the chess pieces around the board all you want, you can paint them different colours if you want. But at the end of the day calling pawns knights doesn’t make them knights.
Appreciate your comments though and your perspective.
@@NolanMatthias by this logic you should just roll all the costs in the video into the mortgage payment so there's zero hidden costs. It's a great video but I just disagree. If you're buying a "starter" home you have the realtor cost deferred because your intended to sell it. The money is still flowing. That's a cost to somebody.
Thank you so much!
Thank you!
Nolan, you're asking people coast to coast to use your company, but your website is heavily focused on Calgary. I suggest you at least add a FAQ entry on the site clarifying the regions from which you can accept customers.
Iam from iraq can i buy it and get awork
No condo fees for me! Buying vacant land and building a small house.
how can i contact you for a mortage?
Https://mortgage360.ca/easy-application
Love you videos. Also you might want to fix the title!
Clearly I’m better with numbers. Lol. Thanks!
Pizza and beer for your buddies applies to Alberta and Saskatchewan. For British Columbia, it’s wine and cheese.🤪
Everyone I know who would take wine and cheese would just lend you a truck 🤣