Despite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home.
These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major “closing costs.”
A REALTOR® can explain further details on closing costs. Just remember to add them to your financial plan when saving to buy a home.
Source: Ontario Real Estate Association