Breakdown of monthly expenses (condo)
A question to you current condo owners. What does your monthly expense routine look like? Specifically, how, when, what gets deducted/withdrawn when. Since the mortgage is likely not with your bank, what do those withdrawals look like? Are they pre-authorized payments (direct debits) from your chequing account? When is that pulled, the beginning of the month or a specific day? What about maintenance fees? Is that like a bill from the property management company that you can pay with a credit card just like cell phone bill? And what about property taxes? Is that a standalone bill? Is it monthly? What does it look like and how do you pay for it? Or is that something that's reflected on and deducted when you file your taxes?
Also, when you obtain a mortgage, how does the down payment process work? Do you give them the routing/account number to the savings account where the money is?
I know these are questions about specific mechanics/processes, but that's precisely what I am curious about.
Also, when you obtain a mortgage, how does the down payment process work? Do you give them the routing/account number to the savings account where the money is?
I know these are questions about specific mechanics/processes, but that's precisely what I am curious about.