In general you should have 1.5% to 2.5% set aside to cover closing costs.

There are a couple of cost to keep in mind when you are buying your new home, here are some:

If you are buying a new home, lender will ask you for an appraisal, which will cost between $200 and $400.

You will need to do an inspection, once your offer is accepted, which will run you around $300 - $350

The tax on the mortgage insurance(if your deposit is less than 20%), need to be paid on closing, the mortgage insurance can be folded into the mortgage

Lawyer charges their fees, depending on the lawyer it could be from $500 to $1500

Land Transfer Tax is based on the purchase price

Upon closing, any adjustment, the lawyer will inform you.


Ready to buy your home, please fill out the form below and I will sit with you to hlep you filnd what your are looking for.

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Savita Nandkishore
Real Estate Sales Representative
Century 21 Millennium Inc., Brokerage
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