Closing costs

What is required

1) Three months of account history showing you have had the closing costs saved for at least three months

    • the best way to complete this is to log into your online banking, go to your e-statements, save and send the last three months of statements

 

What you must know

    • all lenders in Canada need to see that you have, in addition to your down payment, 1.5% of the purchase price to cover closing costs
      • On a $300,000 home, for example, this would be ($300,000 times 0.015) $4500
    • example closing costs are land transfer tax, utility hook ups, prepaid property taxes, PST on the mortgage insurer fee, title insurance, legal fees, disbursements and more
    • your real estate lawyer will calculate your exact amount of closing costs
    • if you are curious to know your closing costs, you are welcome to contact your real estate lawyer
    • closing costs can only come from personal savings
    • if the funds were held in more then one account during the three months, you must provide the most recent account history for the period of time the funds were within the different accounts
    • the statement or a combination of statements must show your name, the financial institutions name, the account number and the three months history
    • lenders will not accept documents with information blacked-out
    • mobile phone screenshots are not accepted
    • click here to learn more about closing costs

 

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