Did you know that in September 2019, the average house price in Cornwall was $249,489?! That is an increase of about $35,822 in one year! The real estate market in Cornwall is on the rise. Whether you are a first-time homebuyer, looking to increase the size of your home, or downsizing for your retirement, now is the time to buy!
Let’s have a look at the basic numbers involved in purchasing a house priced at $249,000.
The minimum down payment is currently at 5%. That means if you have $12,450 for the down payment and about $3,735 for closing costs, you are already well on your way to owning this house! That’s a total of just $16,185 to own this house!
| List Price: | $249,000 |
| Down Payment: | $12,450 |
| Mortgage Amount: | $236,550 |
| Mortgage Insurance Fee (CMHC): | $9,462 |
| Total Mortgage & Insurance Fee: | $246,012 |
Still not sure if you can afford this house? Based on that mortgage payment and the other costs of owning this house (property taxes, heat), most banks can consider a gross annual household income of around $56,500. That’s the amount you get BEFORE taxes! The approximate monthly mortgage payments would be $1138. That’s only about $525 bi-weekly! How does that compare to your current rent or your current mortgage payment?
| Monthly Mortgage Payment: | $1,138 |
| Estimated Monthly Property Taxes: | $283 |
| Estimated Monthly Heat Cost: | $100 |
| Estimated Monthly Shelter Expense: | $1,521 |
| Estimated Annual Gross Income Required: | $56,425 |
Do you want to see if you would qualify for this house in Cornwall, Ontario? Click the link below! It’s that simple!It is wise to see a Mortgage Broker at least 6 months before the date that you would like to own your house. Usually, if there are any issues that need to be tidied up, 6 months will allow the time needed to collect the correct documentation and make a mortgage application stronger. Once all your documentation is verified, a Mortgage Broker can advise you on the appropriate purchase price that you would realistically qualify for.
To discuss your mortgage options or for more information, feel free to make an appointment or apply online at jmacdonald.ca.
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