Synergy Credit Union - Cost of Ownership

It is important to know exactly what costs you are going to incur up front and along the way.

Down payment

Your down payment becomes part of your equity or ownership share in your home. The larger your down payment, the less of a mortgage you have on your home. Your down payment can come from a few different sources:

Cash from your own resources
Your RRSP. The Home Buyers’ Plan is a program through the federal government where you can withdraw your registered savings (RRSPs) without a tax penalty. To qualify for this program, you must meet qualifying criteria. For details, contact the Canada Revenue Agency
Gift of a down payment from an immediate relative
Borrowed funds (check with your lender for qualifying criteria and availability

Mortgage insurance

If your down payment is less than 20% you will need to use a mortgage insurance provider. We can help arrange this for you. You can opt to pay the premium for the insurance up front or include it in your mortgage.

Home inspection

Sometimes a home buyer will request an inspection be performed on the house before committing to the final sale of a home. The inspector comes in and looks at the overall condition of the home and makes recommendations regarding what needs to be fixed or general maintenance that needs to be performed.

Appraisal fee

Synergy Credit Union may request an accredited appraiser provide an estimate of what the home and property are worth. The costs vary depending on the location and size of your home.

Lawyer fee

The lawyer plays a major role in the purchase of your home. For details on the duties/roles of your lawyer, please refer to ‘You and Your Lawyer’.

Mortgage Switch Program

Ready to move? Are you looking at different mortgage options? We will pay up to $1,500 of the fees associated with moving your mortgage.

SWITCH TODAY

Mortgage Pre-Approval Form

A mortgage pre-approval is a great first step in your homebuying journey. By being pre-approved, you can confidently begin your house search.

APPLY NOW

Up Next: Your Housing Options

It is important to understand the different types of housing options available to you in your area and the factors you need to consider when you are looking to purchase your home.