Episode 56 Transcript – Fido sucks & closing costs

Hello! You’re live with Jessi Johnson. I’m sitting inside the Fido repair shop. I’m now looking at getting my phone repaired. It’s my third model of the Motorola Q9. Very frustrating. I work out in Langley and I kind of, sort of live out there and Fido has one, believe it or not, one repair shop for the entire Lower Mainland. So each time I have to leave my office and come down here. It’s ten o’clock in the morning. I’ve been here sine 9am. They of course don’t open till 9:30am, which I can’t believe and sit and wait for one to two hours for my phone to get fixed and I’ll probably be back here in a couple of days. I’ve got a reserved seat. This is actually the thirteenth phone I’ve gone through in two and a half years. Awesome.  Anyways, I’m sitting here watching TV and trying to kill time by working on my laptop but one of the things I wanted to point out real quick was closing costs. I’m not going to get into the actual closing costs, I’ll get into that in another blog but one of the issues with closing costs is it’s 1.5% and you’re required to have 1.5% of the purchase price in your bank account to cover solicitor, appraisal cost, inspector, there’s a number of fees that can incur. Property transfer tax will suck up most of that so it’s a good idea to have it. I understand the concept that you wouldn’t want to have your deal crash at the last minute. Previously banks weren’t asking for it as commonly as they are now. Going back three years ago they asked for it a lot but the whole mortgage industry really lightened up in the past few years and it’s been pretty easy going, smooth sailing, they generally only asked on zero down transactions. I’m now doing 20% down and they’re still asking for 1.5% closing costs which is a bit much because I’m sure the clients probably got it at that point. Either way, just a heads up for you. If you have a Fido phone I feel sorry for you and myself included. You can reach me at www.firsthomeinfo.ca or www.jessijohnson.com. Have a good day! Bye.