Understanding Your Closing Costs

Canadian DollarsSimply put, closing costs are all the fees charged by title companies, banks, lenders, and others who help you through the process of buying your home. These closing cost fees are added to your home purchase price.

However, here are a few of the most common fees that are included in the closing costs of buying your home:

Realtor fees are most often paid by the seller, so those fees are not included in closing costs.

How much are closing costs?

On average, you should estimate that these fees will total up to 4% of your total loan amount. If you want a better estimate of your closing costs, you should contact your lender and ask for an estimate.

As we mentioned, the closing costs can also include a variety of other fees, but the Hamre Real Estate Team is here to walk you through the process of buying your home and helping you to easily understand your home closing costs.

If you have any questions about the closing costs of your home, contact us today!

 

Image courtesy of Duckiemonster, Flickr