Paul Finley

WORKING FOR YOU

Closing costs you'll need to be aware of:

Remember, my buying services are free when buying an MLS listed property.



Legal Fees

$1,000-2,500 (Approximately)

    

CMHC Insurance
*If your down payment is less than 20%

0.5% to 2.75%

*Depending on the ratio of value/loan. This can be added to the mortgage amount and financed over the term of the mortgage. (13% HST must be paid on closing)

 

Tax Advance
Required by lenders on high ratio mortgages

Possibly up to 1/2 of total annual tax requirement

 

Title Insurance

$400 (Approximately)

Title insurance policies protect you for as long as you own the property. It protects against a number of risks that a solicitor's opinion on title may not cover.

 

Utility Hook Up

$200 For phone, cable, etc... (Approximately)

 

Mortgage Adjustment Period

This is the portion of the month following closing, to the end of that month. The bank is entitled to mortgage insurance on closing to that point. However, your actual mortgage payments won’t start until one calendar month AFTER closing.

 

Ontario Land Transfer

Calculator

*Qualifying first time buyers receive up to a $2000 credit

 

Toronto Land Transfer

Calculator

*First time buyers are exempt on the first $400,000