What are the costs related to the mortgage financing?

The costs incurred during mortgage financing include:
  • Commitment Fee: 1%-3% depending on the Financial Institution;
  • Stamp Duty on mortgage and copy mortgage: $1.00 per $200 of loan amount, plus 25% of this figure, plus a further sum of $110;
  • Registration Fee: 0.5% of loan amount, but reduced to half this amount if mortgage is to be registered simultaneously with transfer.
  • Legal Fees: 1% to 2% of loan amount plus General Consumption Tax of 15% on legal fees.
You should check with a mortgage financing institution to verify the above. You will need to get a Valuation Report from a professional Appraiser. The Real Estate Board can supply you with the names and addresses of persons licensed to do appraisals, but before selecting one you should ascertain from the mortgage granting institution if he is listed on its Panel of Appraisers.

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