Itemizing Up-Front Closing CostsCanadian Mortgage Trends
When you buy a new home, lenders like to see proof that you can cover the closing costs.
To satisfy this condition you typically have to demonstrate your ability to pay an additional 1.5% of the purchase price at closing, on top of your down payment.
But not everyone knows what closing costs entail. TD recently released an interesting survey that touches on this. It found that 13% of first-time buyers “overlooked some of the one-time fees associated with buying a home, such as inspection fees and land transfer costs, and 6% didn't budget for anything beyond the down payment and monthly mortgage payment.”
Read more here.
