What Are Closing Costs?

What Are Closing Costs?

Buying a House: In addition to the down payment, you’ll also have to pay closing costs — miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a surveyor, local government offices for recording the deed, etc.).

According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side).

Depending on the type of property and the nature of your deal these may include but are not limited to the items described below.

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