Don't Get Caught Off Guard With Closing CostsPosted by Dan Plowman on
One of the biggest mistakes that first-time home buyers make is failing to budget for closing costs. In fact, even experienced home buyers can overlook expenses related to the sale of a home that go above and beyond the purchase price. Both buyers and sellers are required to pay closing costs, so it is important to know what to expect before entering into a home sale.
What Are Closing Costs?
Closing costs are upfront expenses that you must pay when finalizing a home purchase. They typically cover legal and administrative costs and are separate from your down payment and mortgage fees.
Closing costs in Canada can be anywhere from 1.5% to 4% of the purchase price of the home. So if your new home costs $400,000, the closing costs could be…
193 Views, 0 Comments