Georgina Mortgages

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with

Diana Campbell

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430 The Queensway South


Office (Re/Max): (905) 476-4111

Cell Phone: (289) 221-2112

Mortgage Agent - Lic. #10409

Keswick, Ontario

L4P 2E1

Fax Machine: 1 (905) 656-6560

Email: diana128home@yahoo.ca

Closing Costs

Closing Costs are a list of charges due on the closing date of your home (arranged by your lawyer). Many people are unaware of these additional costs. According to mortgage insurers, you should have about 2% of the purchase price/house value set aside for closing costs.


Below are some costs that you will need to consider. Use this as a guideline, then talk with your lawyer who can provide a more realistic estimate for your situation.


Regular Expenses:


Sales Tax on mortgage insurance premium (if insured): 8% of the insurance premium

Land Transfer Tax (if purchasing): 1% to 1.25% of the purchase price

Legal Costs: Approx. $1,500.00 (estimated high)

Title Insurance: Approx. $500.00 (estimated high)


Other Expenses: You may need to include some of these costs as well. These costs are not always included in closing costs, but should always be considered.


Home Inspection: Approx. $350.00 - $550.00

Appraisal: Approx. $300.00 - $500.00

Interest Adjustments: Vary for each client (Contact your Mortgage Agent for more detail).

Tax Holdback: Vary for each client (Contact your Mortgage Agent for more detail).


*Private financing costs will vary and could be more expensive. Each private deal is different.


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