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Tips On How To Plan For Your Closing Costs

Posted onJuly 24/2015By

When you know that you are going to apply for a mortgage, it is best to begin saving for the closing costs. On average, closing costs cost anywhere from $2,500 to $6,000. These costs vary by location and other matters that also affect the rate. Fortunately, closing costs are usually the only upfront cash payment that usually needs to be made when a mortgage loan is cleared. What Are Closing Costs For? Closing costs are the fees due in order to close out a real estate transaction. When the title is transferred over to the soon-to-be-new home owner, the closing costs are then due. Closing costs are usually determined between the real estate agents whom are capable of wheeling and dealing at the cost in which you will ultimately be required to pay. Considering that closing costs are almost never optional, it is best to assume that you will need…

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What To Expect With Closing Costs

Posted onMay 25/2015By

You’ve found your dream home. You’re ready to purchase. You’ve met with a broker. You’ve secured a mortgage. Everything looks great, but before you start packing up your belongings, you need to consider the closing costs. Closing costs are additional expenses that come with every home purchase. Your broker can guide you through the process and explain each in detail. It is recommended that you budget at least 1.5% of the purchase price of your new home to go towards these supplementary charges. Avoid unpleasant surprises and sit down with your broker to discuss the following closing costs: Land Transfer Tax Most provinces make use of a land transfer tax. This is charged to you upon closing when the property is transferred to your name. The amount of land transfer tax is not the same for everyone and varies depending on the price of your home. Some provinces offer breaks…

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