In addition to your down payment, it’s important to budget for mortgage closing costs.
of your home’s purchase price is typical, depending on various factors like the province you’re buying in and the specific services required.
Closing costs include things like legal fees, title insurance, land transfer taxes, home inspection fees, and any other expenses related to finalizing your home purchase.
If needed, you can borrow the funds for closing costs from a different source, such as a line of credit or a gift from a family member. However, keep in mind that any additional borrowing may affect your debt ratios, which lenders will review during the mortgage approval process. So, it’s essential to factor these costs into your overall budget and plan ahead to avoid any surprises.
Ways to Save
- Family and friends can help you move
- Go to the mall, liquor store, grocery store, etc for free boxes
- Checkout craigslist and marketplace for any appliances you need to replace or even the thrift store for furniture
- Get your best mortgage options and rate (from us, of course!)