Wait, closing costs are how much?!!

🔑 Preparation is key when buying a home.

Your down payment isn't the only thing you need to save for.

Don’t confuse this with closing costs, which is entirely different. A lot of new homebuyers are shocked by this extra cost! Expect to pay between 1.5-4% of the total cost of your loan at closing (on average).

For example, closing costs on a 1 Million dollar home could be $15,000-$40,000 ON TOP of your down payment.

Closing costs can include:

☑️ Provincial Land Transfer Tax

☑️ Municipal Land Transfer Tax (if applicable)

☑️ Adjustments

☑️ Property Taxes

☑️ Title Insurance

☑️ Legal Fees

☑️ Mortgage Default Insurance (if applicable)

☑️Homeowners Insurance

When I made my first purchase before Alex or myself was a realtor, I was definitely not aware of all of these costs in the beginning!

👇🏻Were you surprised by any of these closing costs on a previous purchase? I'd love to hear in the comments!