Looking for a new mortgage is only half of the battle when doing your personal finances. Once you purchase the home you have to be ready for the closing costs. There are general rule of thumb estimates that cover realtor fees, land transfer tax, lawyer fees, moving expenses, etc... Here is a handy calculator from ING to help you predict your closing costs when refinancing a mortgage.
When buying a new home, there are expenses outside of your mortgage that you will need to include in your budget. To help you, we have created this closing cost checklist that you can use to keep track of your expenses.
Closing costs calculator
Credit information is gathered by credit reporting agencies, sometimes called credit bureaus. There are two major credit reporting agencies in Canada: Equifax Canada Inc., and TransUnion of Canada. Governed by provincial and federal laws, credit reporting agencies store and maintain credit information about individual Canadian consumers for use by members of the credit reporting agency. Members include banks, finance companies, auto leasing companies, credit card companies and retailers.
Credit grantors update individual credit reports regularly by providing information to credit reporting agencies about their customers' credit and payment activities. This ensures that credit reports remain up-to-date and as complete as possible. Other sources of the information contained in your credit report can include public records from courthouses across the country and collection agencies.