Rohan and Lindsay’s offer of $350,000 on a dream home has been accepted! They are excited...

Rohan and Lindsay’s offer of $350,000 on a dream home has been accepted! They are excited to move from being renters to homeowners but know that things will be tight since it took all their savings for a 10% down payment. Costs are however adding up, which is making them nervous. The Canada Mortgage Housing Corporation (CMHC) mortgage loan insurance premium is 3.10% of the mortgage amount which they have decided to pay at the time of closing instead of adding it to their monthly mortgage. Other fees include a $275 loan application fee, a $350 appraisal fee, a $750 home inspection fee, $665 in notary fees and $350 for title search and insurance. How much will Rohan and Lindsay need to cover at closing including the down-payment?

$47,155

$35,000

$37,390

$46,950

$47,000

Expert Solution

Down payment = cost of house * 10% = $350,000 * 10% = $35,000

Insurance premium = (cost of house - down payment) * 3.1% = $9,765

Total costs to cover at closing = Down payment + Insurance premium + loan application fee + appraisal fee + home inspection fee + notary fees + title search and insurance

Total costs to cover at closing = $35,000 + $9,765 + $275 + $350 + $750 + $665 + $350

Total costs to cover at closing = $47,155

jeff jeffy answered 2 years ago

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