Understanding Your Closing Costs
Your exact closing costs will depend on where you live, how much yu are borrowing, how you finance your mortgage and your closing date.
Here are some of the most common:
· Lawyer's fees – these vary across the country, and the Hamre Team can refer you to a lawyer who offers a competitive "legal package
· Title insurance – may be purchased in lieu of a land survey in some cases. Provides protection against several defects such as problems with the property that would have been revealed by an up-to-date land survey.
· Land transfer tax – buyers must pay this tax to their provincial government when the property's title passes from the seller.
· High ratio mortgage insurance – needed if you are buying a home for less than 20% down.