Typical Costs Related to Mortgage Financing

Item Freehold Regular
Condominium
Land
Condominium
Estimated
Costs
Property Appraisal Yes Yes Yes $200.00 to $300.00 Sometimes waived
Mortgage Default Insurance Premium for High-Ratio Mortgages added to the Loan Amount Yes Yes Yes Varies. Can range between 2.00% to 3.15% of the Loan Amount
P.S.T. for Mortgage Default Insurance Premium Yes Yes Yes 8.00% of the Premium
Deposits for Property Taxes If Required Yes Yes Yes 6 months’ payments for high-ratio mortgages