CLOSING COSTS
LEGAL FEES
Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they should range from $400 - $700. Which would include Land Title transfer fees and other Strata documents related.
POTENTIAL MORTGAGE PENALTIES
Penalties are only effective if you have a closed term mortgage, otherwise indicated on your contract. If you decide to port the mortgage to a new purchase within an approximate 90 day period. Most conventional banks will allow you to carry over the same terms and conditions to the new property without penalty.
See below on how to calculate the Rate Differential Amount: *Courtesy of TD Canada trust.
* INTEREST RATE DIFFERNTIAL AMOUNT (IRD)
An IRD amount is a compensation amount that may apply is you pay your mortgage principal prior to the maturity date or pay the mortgage principal down peyonf the annual prepayment privillage amount. IRD is the difference betweene the the mortgager's current balance and the present value * of a new mortgage at the prevauling rate for a mortgage. The IRD amount is calculated on the amount being prepaid using an interest rate.
Compensation Amounts
If you wish t o make a prepayment of more t han 15% of t he original borrowed amount in any single year, there will be a compensation charge. The compensation charge is equal to the greater of Three Months' Interest Cost , or an Interest Rate Differential Amount .Here is how you can estimate the Three Months' Interest Cost and the Interest
Rate Differential Amount .
We use a precise formula that credits you for the amount of principal you would have paid off each month. You can obtain the exact amount by contacting your branch.
1. To estimate the Three Months' Interest Costs:
Step 1: ________ ( A ) amount you want to prepay.
Step 2: ________ ( B ) t he Interest Rate under your Mortgage expressed as a decimal ( for example, 6.75% = .0675 ).
Step 3: ________ ( C ) A x B = C.
Step 4: ________ ( D ) C ÷ 4 = D, D is your estimated Three Months' Interest Costs.
2. To estimate the Interest Rate Differential Amount:
Step 1: ________ ( A ) the current interest rate under your Mortgage expressed as a decimal ( for example, 6.75% = .0675 )
Step 2: ________ ( B ) the current interest rate that we can now charge for a mortgage term offered by us with the term closest to your remaining term. The interest rate will be our posted interest rate for the term minus the most recent discount you received.
Step 3: ________ ( C ) A - B = C, whic h is t he difference bet ween your current interest rate and the interest rate in B above ( write C as a decimal ).
Step 4: ________ ( D ) amount you want to prepay.
Step 5: ________ ( E ) number of months for the remaining term of your Mortgage.
Step 6: ________ ( F ) ( C x D x E ) ÷ 12 = F, F is your estimated Interest Rate Differential Amount .Print this page.
REAL ESTATE FEES
Contact your Realtor details.
POTENTIAL MORTGAGE PENALTIES
Penalties are only effective if you have a closed term mortgage, otherwise indicated on your contract. If you decide to port the mortgage to a new purchase within an approximate 90 day period. Most conventional banks will allow you to carry over the same terms and conditions to the new property without penalty.
See below on how to calculate the Rate Differential Amount: *Courtesy of TD Canada trust.
* INTEREST RATE DIFFERNTIAL AMOUNT (IRD)
An IRD amount is a compensation amount that may apply is you pay your mortgage principal prior to the maturity date or pay the mortgage principal down peyonf the annual prepayment privillage amount. IRD is the difference betweene the the mortgager's current balance and the present value * of a new mortgage at the prevauling rate for a mortgage. The IRD amount is calculated on the amount being prepaid using an interest rate.
Compensation Amounts
If you wish t o make a prepayment of more t han 15% of t he original borrowed amount in any single year, there will be a compensation charge. The compensation charge is equal to the greater of Three Months' Interest Cost , or an Interest Rate Differential Amount .Here is how you can estimate the Three Months' Interest Cost and the Interest
Rate Differential Amount .
We use a precise formula that credits you for the amount of principal you would have paid off each month. You can obtain the exact amount by contacting your branch.
1. To estimate the Three Months' Interest Costs:
Step 1: ________ ( A ) amount you want to prepay.
Step 2: ________ ( B ) t he Interest Rate under your Mortgage expressed as a decimal ( for example, 6.75% = .0675 ).
Step 3: ________ ( C ) A x B = C.
Step 4: ________ ( D ) C ÷ 4 = D, D is your estimated Three Months' Interest Costs.
2. To estimate the Interest Rate Differential Amount:
Step 1: ________ ( A ) the current interest rate under your Mortgage expressed as a decimal ( for example, 6.75% = .0675 )
Step 2: ________ ( B ) the current interest rate that we can now charge for a mortgage term offered by us with the term closest to your remaining term. The interest rate will be our posted interest rate for the term minus the most recent discount you received.
Step 3: ________ ( C ) A - B = C, whic h is t he difference bet ween your current interest rate and the interest rate in B above ( write C as a decimal ).
Step 4: ________ ( D ) amount you want to prepay.
Step 5: ________ ( E ) number of months for the remaining term of your Mortgage.
Step 6: ________ ( F ) ( C x D x E ) ÷ 12 = F, F is your estimated Interest Rate Differential Amount .Print this page.
REAL ESTATE FEES
Contact your Realtor details.