{"id":353,"date":"2022-12-02T06:00:00","date_gmt":"2022-12-02T06:00:00","guid":{"rendered":"https:\/\/mortgagestogo.ca\/blog\/?p=353"},"modified":"2022-12-13T16:56:26","modified_gmt":"2022-12-13T16:56:26","slug":"closing-costs-what-are-they-and-where-does-the-cost-come-from-mortgagestogo-ca","status":"publish","type":"post","link":"https:\/\/mortgagestogo.ca\/blog\/closing-costs-what-are-they-and-where-does-the-cost-come-from-mortgagestogo-ca\/","title":{"rendered":"Closing costs: what are they, and where does the cost come from? | MortgagesToGo.ca"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lbk0sz7c-2f9620fa15699f9d605e447ef9e667a0\">\n#top .av-special-heading.av-lbk0sz7c-2f9620fa15699f9d605e447ef9e667a0{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lbk0sz7c-2f9620fa15699f9d605e447ef9e667a0 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lbk0sz7c-2f9620fa15699f9d605e447ef9e667a0 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lbk0sz7c-2f9620fa15699f9d605e447ef9e667a0 av-special-heading-h1 blockquote modern-quote modern-centered  avia-builder-el-0  el_before_av_textblock  avia-builder-el-first '><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Closing costs: what are they, and where does the cost come from?<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<section  class='av_textblock_section av-lavenngc-f9d1337b0094a46b181ec6f6eec05315'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><span style=\"font-weight: 400;\">Are you in the process of buying a home and wondering what closing costs are? If so, you&#8217;re not alone. Many homebuyers are confused about closing costs and where the cost comes from.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we&#8217;ll answer those questions and more. We&#8217;ll discuss what closing costs are, where the cost comes from, and how to keep your own costs as low as possible. So if you&#8217;re ready to learn more about closing costs, read on!<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-351 aligncenter\" src=\"https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-300x300.png\" alt=\"Learn all about closing costs\" width=\"300\" height=\"300\" srcset=\"https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-300x300.png 300w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-1024x1024.png 1024w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-150x150.png 150w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-768x768.png 768w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-36x36.png 36w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-180x180.png 180w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-705x705.png 705w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7-600x600.png 600w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-7.png 1080w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What are closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Closing costs are the fees charged by loan officers, real estate agents, and other professionals for their services in connection with the purchase of a property. These fees can add up to several thousand dollars, so it\u2019s important to understand what they are and where they come from.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In most cases, the buyer will pay the majority of the closing costs. However, the seller may also be responsible for some of these fees. The actual amount that each party pays will be determined by negotiation between the buyer and seller and will be specified in the purchase contract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some common closing costs include:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Loan origination fee: This is a fee charged by the lender for processing the loan application. It is usually a percentage of the total loan amount and can range from 0.5% to 1% of the loan amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; appraisal fee: This is a fee charged by the lender to have an appraiser assess the value of the property. The appraised value is used to determine whether or not the loan amount is greater than or equal to 80% of the value of the property (loan-to-value ratio), which is required for most loans. The appraisal fee can range from $300 to $500.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; points: Points are a type of prepaid interest that are typically paid at closing in order to get a lower interest rate on your loan. Each point equals 1% of your loan amount. For example, if you&#8217;re taking out a $250,000 loan and you&#8217;re willing to pay 2 points (2%), you would pay $5,000 at closing ($250,000 x 0.02 = $5,000).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; title insurance: Title insurance protects you from losing your home if someone challenges your ownership of it or if there are any errors in the public records relating to your property. It also covers you for any defects in title that may exist even if they&#8217;re not listed in public records (such as encumbrances or easements). Title insurance typically costs 0.5% to 1% of your loan amount ($1,250 to $2,500 on a $250,000 loan) and is usually split between buyer and seller.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Where does the cost come from?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The answer to this question may surprise you \u2013 closing costs are not just tacked on by greedy lenders, but are actually required by law. According to the Truth in Lending Act, all lenders must disclose the true cost of borrowing to their customers, so that borrowers can make informed choices about their loans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So where do these costs come from? Some of them are related to the loan itself, such as origination fees (which go to the lender for processing the loan) or discount points (which lower your interest rate in exchange for paying upfront). Others are third-party fees for services like appraisal or title insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And then there are closing costs that are simply gouged by the lender \u2013 junk fees that serve no purpose other than to line the lender\u2019s pockets. These might include things like document preparation fees or \u201cunderwriting\u201d charges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The good news is that you don\u2019t have to pay all of these costs upfront \u2013 many lenders will allow you to finance them into your loan. And if you\u2019re smart about it, you can use negotiating tactics to get the lender to pay some of these costs on your behalf.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Who pays for closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The party who pays for closing costs varies depending on customs and negotiation, but it is typically the seller who pays. In some cases, the costs may be split between the seller and the buyer, or they may even be entirely paid by the lender. No matter who pays, closing costs are an unavoidable part of any home purchase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to get a clear picture of who pays for what, it\u2019s important to understand what closing costs are. In short, closing costs are fees charged by all of the various parties involved in a real estate transaction: lenders, title companies, real estate agents, and government entities. These fees can add up to several thousand dollars, so it\u2019s important to be aware of them ahead of time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The largest closing cost is typically the loan origination fee, which is charged by the lender for processing the loan. This fee can vary widely, so it\u2019s important to shop around for a lender with competitive rates. Other common fees include appraisal fees, title insurance, and escrow fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you can see, there are a lot of different fees that go into a real estate transaction. Who pays for these fees depends on customs and negotiation, but it is typically the seller who covers most or all of the costs. If you\u2019re wondering how much you should expect to pay in closing costs, ask your real estate agent or lender for an estimate ahead of time so you can plan accordingly.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much are closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The answer to this question depends on a number of factors, but in general, you can expect to pay anywhere from 2-5% of the total purchase price of your home in closing costs. These costs can come from a variety of sources, including the lender, the real estate agent, the title company, and the government.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lender-related costs tend to be the most expensive and can include things like origination fees, loan discount points, and private mortgage insurance (PMI). Real estate agent commissions are typically around 6% and are split between the buyer\u2019s and seller\u2019s agents. Title company fees can vary depending on the services being rendered, but are typically around $1,000. Government-related fees include things like recording fees and transfer taxes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Knowing what to expect in terms of closing costs is important because they can add up quickly. Be sure to ask your lender for a good faith estimate of all closing costs before getting too far into the loan process. That way, you\u2019ll know how much money you need to bring to the table at closing.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are common closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Closing costs are fees charged by lenders, real estate professionals, and others during the closing of a real estate transaction. They are typically due at or around the time of the home\u2019s closing when the final paperwork is signed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many different types of closing costs, but some of the most common include:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Origination fee: This is a fee charged by the lender for processing the loan application. It is typically a percentage of the loan amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Appraisal fee: This is a fee charged by the lender to have the home appraised to ensure that it is worth at least as much as the loan amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Inspection fee: This is a fee charged by the lender to have the home inspected for any necessary repairs or problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Credit report fee: This is a fee charged by the lender to pull your credit report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Title insurance: This is insurance that protects the lender in case there are any problems with the title to the home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Taxes and government fees: These are fees charged by local and state governments for things like transfer taxes and recording fees.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How can I reduce my closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can\u2019t avoid closing costs entirely, but you can ask your lender to pay some of them for you. This is called \u201clender credit.\u201d Lender credits are available on both fixed-rate and adjustable-rate mortgages, but they\u2019re more common on ARMs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also shop around for a \u201cno-cost\u201d mortgage. With these loans, the lender covers the closing costs but charges a higher interest rate to make up the difference. If you plan to stay in your home for only a few years, this might be the best option for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may also be able to negotiate with the seller to have them pay some of the closing costs. This is particularly common in buyers\u2019 markets when sellers are more likely to be motivated to make a deal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whatever route you choose, remember that closing costs are an important part of the home buying process. By being prepared and doing your research, you can make sure that they don\u2019t take you by surprise.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Are there tax implications for closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While most closing costs are not tax-deductible, there may be a few that are. For example, if you&#8217;re paying for points to get a lower interest rate on your mortgage, that could be deductible. You&#8217;ll need to itemize your deductions to claim this, however. Check with a tax advisor to see if any of your closing costs are deductible.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What else do I need to know about closing costs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is important to know that some Closing Costs are negotiable, and some are not. For example, the origination fee (the lender&#8217;s compensation for processing the loan) is almost always non-negotiable, while the title insurance premium (which protects the lender&#8217;s interest in the property) is usually negotiable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some other common Closing Costs include:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Appraisal Fee: Charged by the lender to ensure that the property is worth at least as much as the amount being borrowed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Credit Report Fee: Charged by the lender to pull your credit report.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Courier\/Postage Fees: Charged by the lender to send documents back and forth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Deed Recording Fee: Charged by your local government for recording the deed to transfer ownership of the property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Homeowners Insurance Premium: A one-year policy paid in advance by the borrower to protect against fire, wind damage, etc. This is usually required by the lender.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Loan Origination Fee: Charged by the lender for processing your loan application.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Mortgage Insurance Premium (MIP): If you are putting less than 20% down on a home, you will be required to pay Mortgage Insurance. This premium is paid to protect the lender in case you default on your loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Prepaid Interest: Interest that accrues on your loan from the date of closing until your first monthly payment is due. This interest is paid in advance by the borrower.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-For example, if you close on a loan on September 15th, your first payment would not be due until November 1st. However, interest accrues from September 15th until October 31st, so October&#8217;s interest must be paid at closing as well.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">MortgagesToGo.ca<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Website<\/span><\/td>\n<td><a href=\"http:\/\/mortgagestogo.ca\/\"><span style=\"font-weight: 400;\">Mortgagestogo.ca<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Services<\/span><\/td>\n<td><span style=\"font-weight: 400;\">New purchase, refinancing and equity takeouts, mortgage transfer, mortgage renewal Rates<\/span><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">\u00a0<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rates<\/span><\/td>\n<td><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">https:\/\/mortgagestogo.ca\/mortgage-rates\/<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Address<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12 Royal Vista Way NW #1110, Calgary, AB T3R 0N2<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Contact Details<\/span><\/td>\n<td><span style=\"font-weight: 400;\">(888) 888-5998<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Operating Hours<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Monday &#8211; Friday 9 AM &#8211; 5 PM<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>At MortgagesToGo.ca, we&#8217;re committed to helping you understand all aspects of the home buying process. In this article, we&#8217;ll break down what closing costs are, where they come from, and how they are calculated<\/p>\n","protected":false},"author":3,"featured_media":423,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[12],"tags":[23,24,20],"class_list":["post-353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-closing-costs","tag-mortgage-closing-costs","tag-mortgages"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Closing costs: what are they, and where does the cost come from? | MortgagesToGo.ca - Mortgagestogo.ca Blog<\/title>\n<meta name=\"description\" content=\"At MortgagesToGo.ca, we&#039;re committed to helping you understand all aspects of the home buying process. 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