How much does it cost to get a mortgage?

A couple of the most frequently asked questions I get are ‘how much downpayment do I have to have and what other costs will there be?’ My answer is to budget at least 1.5% of your purchase price in addition to your downpayment to cover additional costs, and below is what that number can include. With the new Alberta Budget announced March 2015, the additional costs are going up significantly as there has been an increase to Land Titles registration fees. Below is a timeline of when these costs will be due during the mortgage process. Keep in mind most of these costs are only applicable if financing the purchase of a home, though some of them may also apply to mortgage refinances too.

Before the Mortgage

Downpayment – This is the amount you are investing in the purchase which must…