Closing Costs

Purchase Price (all figures are estimates) $400,000.00
Downpayment 10% $40,000.00
Balance of purchase price (mortgage) $360,000.00
Legal fees (1) $1,300.00
Title Insurance (2) $300.00
Adjustment for property taxes, city services, etc. (3) $1,500.00
Mortgage Insurance (add to mortgage) $14,400.00
Property Transfer Tax (one time exemption) $6,000.00
Home Insurance (estimate) $1,200.00
Appraisal Fee (may not be required if CMHC insured) $400.00
Home Inspection (estimate) $500.00
Utility Hook Ups $200.00
Brokerage Fee* $0

TOTAL

$51,200.00

(1) approximately $1300 for a purchase plus GST
(2) approximately $300 plus GST for title insurance
(3) annual property tax less home owner grant (if applicable)/365 x number of days till Dec 31/or until July 1
Property Transfer Tax 1% of the first $200,000, 2% of the balance to $2,000,000 and 3% above that; exemption may apply for First Time Home Buyers
*There is no cost to you for most residential mortgage transactions. For private or commercial mortgages a broker fee may apply.
These estimates are provided to give you an idea of the costs associated with purchasing a home. We like to ensure that you have enough money set aside, in addition to your down payment, to cover legal, appraisal, and property purchase tax if applicable. Please contact us for more a more detailed estimate.

Your Kelowna Mortgage Brokers

Whatever your personal circumstances, Laurie Baird and Tracy Head will analyze your financial situation and recommend mortgage options that best suit your needs. Laurie and Tracy are the mortgage professionals that will help find the right mortgage solution for you.

Contact us today to find out how we can make owning your home and managing your mortgage more affordable and worry-free! We provide complimentary consultations and offer advice and guidance to help you realize your goal of home ownership sooner.

Laurie Baird

Read More about Laurie

Pin It on Pinterest

Share This