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Closing Costs

What are Closing Costs​

First-time buyers often underestimate the closing costs fees and repeat buyers sometimes forget them.

Closing costs are the fees you pay at the closing of a real estate transaction and can range from 1.5-4% of the purchase price.

These fees include legal fees, appraisal, moving fees, home inspection and a few other.

What are Closing Costs

Fees you Pay at the Closing​

Appraisal​

Appraisals estimate the value of your home and the cost is usually paid by the lender. However, the approximate cost would be $300-$500.

Home Inspection

Accredited home inspectors will examine the property to ensure it is up to code and that everything functions properly. Approximately $200-$500.

Final Adjustments

Any expenses that the seller needs to be reimbursed for after the date of closing (maintenance fees, heat, etc.). Approximately $0-$10,000+

Legal Fees​

Real Estate Lawyers will submit your offer, take care of registration, and will submit final payment on close. Approximately $800-$2500.

PST on Mortgage Insurance​

If Mortgage Insurance is required on your loan, then the PST of the premium will be due on the closing day. PST on Mortgage Default Insurance is only required in Ontario, Manitoba or Quebec.

Other Expenses, Fees or Events

In addition to the closing costs mentioned above, there may be other expenses, fees or events that may require budgeting for when your house closes.

Land transfer tax is also payable on the closing date of your purchase and is usually based on the purchase price of the property. However, in some provinces, there is no land transfer fee.

Be sure to set the region in the Closing cost estimator for accurate results.

Other expenses, fees or events

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Closing Costs​

Now available on CMA

We all know that the expenses, such as legal and administrative fees, associated with the purchase of a home can really add up and many first-time home-buyers underestimate the exact amount required. Normally, you would want to allocate about 3-4% of the purchase price for a resale home to cover Closing Costs. In addition to the Closing Costs, there are other expenses, fees or events that may require budgeting for when your house closes which can be very stressful to calculate.

The Canadian Mortgage App Team is here to save you the hassle and stress by creating a new feature on the updated version of the Canadian Mortgage App that helps you calculate all the unexpected Closing Costs that may sneak up on you. The Closing Costs screen allows you to calculate Land transfer fees, home inspection costs, the PST on CMHC (custom to each province) and much more.

Closing Costs

The Closing Costs screen is available for all iOS and Android users. Update the App now (if you haven’t already done so) and calculate your or your client’s Closing Costs and simplify the experience of buying a new house.

And remember that Sharing is Caring! So make sure you tell your friends and family about the #1 ranked Mortgage app.

How to get the app

Since you are not glued to your phone (for once), you have 3 options for downloading the app

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Scan this QR code and go to the app store

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