The rate is only part of the picture. The full cost of financing includes what you pay upfront, what you pay over the life of the loan, and the costs of owning along the way. Here is what to factor in so there are no surprises.
Your equity in at the start; the rest is financed.
Legal, appraisal, inspection, and land transfer where it applies.
May apply when the down payment is under 20 percent.
The cost of borrowing, which adds up over the life of the loan.
Setup, prepayment, and discharge. Worth knowing before you sign.
Your down payment, closing costs, and any default insurance premium. These are what you need on or before closing day, so they are worth planning for early.
Principal and interest, property tax, insurance, and upkeep if you own. This is the monthly and yearly picture that lives with the mortgage over time.
Planning a purchase or a refinance? Bring us your situation and we will walk through the full cost, not just the rate, so you can budget with confidence. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Mortgage default insurance is subject to eligibility and applies in certain circumstances. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.