When buying a home, it’s essential to budget for more than just the down payment. Closing costs can represent a significant portion of your home purchase, often ranging from 2% to 5% of the home’s price. These costs are incurred in the final stages of your home buying process, and failing to plan for them could lead to unexpected financial stress.

Common closing costs include:

• Land Transfer Tax: A tax on the transfer of property ownership.
• Legal Fees: Fees for legal services during the closing process, including title search and document preparation.
• Home Inspection: An essential evaluation of the property’s condition, helping you avoid costly surprises later on.
• Appraisal Fees: A professional assessment of the home’s market value, which is required by most lenders before approving your mortgage.
• Mortgage Insurance: If your down payment is less than 20%, mortgage insurance may be required.

While these costs may seem daunting, our easy-to-use closing cost calculator can help you estimate your total expenses. Having a clear idea of these costs ensures you’re well-prepared for your home purchase. We’re here to guide you every step of the way.

Start planning today and make informed decisions with the help of our resources.