Closing Costs Query

ErwinWilkins | Aug 19, 2015 | 1 posts since 2015

How are these closing costs calculated? Is it a fixed percentage of the mortgage rate or the property one is buying? I've applied for a residential mortgage to Northwood Mortgage www.northwoodmortgage.com Ontario and if they are accepting the application, I would like to know how much I should have with me as closing costs. Is there any variation in closing costs depending on the area of provinces? If so where can I get cheaper options? I would appreciate any responses.

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Shorebreak | Aug 19, 2015 | 4,039 posts since 2010

It appears that the Land Transfer Tax (if applicable) and GST/HST where applicable (sometimes included in sale price) varies depending on province.

Here is a guide to closing costs when purchasing a home in Ontario.
http://www.yourmortgageoptions.ca/cost_purchasing.html

Here is another guide to closing costs from CIBC
https://www.cibc.com/ca/mortgages/buying-first-home/add-costs-whn-bying-home.html

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