The Mortgage Minute |
The Mortgage Minute |
When buying a home in Canada, most people focus on the purchase price and their mortgage approval. But there’s another important expense to prepare for: closing costs. These are additional fees and expenses that must be paid on top of your down payment when finalizing your home purchase. As a mortgage broker, I often remind clients that understanding these costs upfront can save a lot of stress later.
What Are Closing Costs? Closing costs cover various legal, administrative, and financial requirements associated with transferring property ownership. While these costs vary depending on the province, type of property, and price, they typically range from 1.5% to 3% of the home’s purchase price. Common Closing Costs in Canada
Lenders often require proof that you can cover your closing costs, so it’s essential to save for these alongside your down payment. A good rule of thumb is to set aside 3% to 4% of the home’s purchase price to cover these expenses. If you’re unsure about what closing costs to expect or how to plan for them, reach out to a mortgage broker. We’re here to help you navigate every step of the homebuying process, ensuring no surprises on closing day! Ready to take the next step? Contact me to get started on your homebuying journey!
0 Comments
Leave a Reply. |
AuthorPaul holds a Master's degree in Business Administration, loves to golf, watch hockey, and drink black coffee. Archives
February 2025
Categories |