Many homebuyers are startled to learn that after they arrange their mortgage they have to pay a range of additional fees to finalize the deal.  It pays to be informed, and we can advise you on these closing costs and on how you might be able to lower them.
What Are Your Closing Costs?
Your exact closing costs will depend on where you live, how much you are borrowing, how you finance your mortgage and your closing date.  Here are some of the most common costs:

• Lawyer’s Fees – These vary across BC, and we can refer you to a lawyer who can assist you with your transaction
• Mortgage Appraisal Fees – Lenders require an evaluation of the mortgage lending value of a property.
• Land Survey – The legal written and/or mapped description of the location and dimensions of your land, obtained from an accredited land surveyor.
• Title Insurance – May be purchased in lieu of a land survey in some cases.  Provides protection against several defects such as problems with the property that would have been revealed by an up-to-date land survey.
• BC Land Transfer Tax – Buyers must pay this tax to the the provincial government when the property’s title passes from the seller.  The tax is equivalent to 1% of the first $200,000 and 2% of the amount above that.  First time home buyers can be exempt from this tax.
• High Ratio Mortgage Insurance – Needed if you are buying a home for less than 20% down. This is a cost of obtaining a low downpayment mortgage and strictly a closing fee.  Most borrowers add this fee to the mortgage.
• Home Inspection Fee – an objective visual examination of the physical structure and systems of a house, which most buyers opt for.

When you come in for a consultation, we will discuss what you need to prepare for in terms of closing costs so you are well prepared for the closing of your transaction.

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