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Closing costs on a refinance:
Legal Fees and Disbursements: A lawyer to provide you with legal representation is a necessary cost to close a mortgage refinance
Appraisal Fee: An appraisal will almost always be required in order to refinance your property. The cost of an appraisal can be anywhere from $250-$400 depending on the size of the property, location, and the ease of writing the report.
Closing costs on a purchase:
All those costs associated with a refinance are typically the same for a purchase. The appraisal cost on a purchase is sometimes covered.
Other closing costs to note associated with a purchase:
Down payment: the portion of the purchase price that you cover yourself
Land transfer tax: land transfer tax is based on a percentage of the purchase price of the property. Follow this link to calculate land transfer tax in Ontario. http://www.landtransfertaxcalculator.ca. Please note that Toronto has its own land transfer tax IN ADDITION to the Provincial Land Transfer Tax.
CMHC Fees: CMHC premiums are rolled into the mortgage, but HST on the premium is a cost that will come out of pocket.
Tarion Fees: if you purchased a brand new home it will be covered with the Tarion Warranty for new homes. Tarion has an enrollment fee that will be part of closing costs.
If you are unsure of what you will be paying in closing costs, contact CVE Mortgage Group and we will get you a number that will accurately reflect what you will be paying.