Home Buying Expenses and Closing Costs 

There are different types of home buying expenses, typically ranging from one-time costs, closing costs and on-going costs. Below are a few Mississauga home and Mississauga condo resale home buying expenses to consider. Closing costs range from approximately 2.5% to 5% of the purchase price (this amount excludes mortgage loan insurance).
Mississauga Home Buying Expenses (ON-GOING):
Mississauga Home Buying Expenses (CLOSING):
Once the buyer has decided to proceed with a home and is ready to submit an offer to purchase with their real estate professional, at this instance the buyer may need to put down a deposit. There is no specific amount that is required, however the deposit amount will depend on the purchase price, the area of the property and the buyers own circumstance. The total deposit amount submitted by the buyer is considered a part of the buyers down payment, as it is deducted from the total purchase price. 
Down Payment 
When purchasing a home, this is typically one of the largest expense. The minimum down payment is 5% of the purchase price, with the increments of 5%, 10%, 15%, 20% and anything higher than 20%.

If the purchase price is $500,000 or less the minimum down payment required is 5% or $25,000. If the purchase price is between $500,000 and $999,999 then the minimum down payment would be 5% of the first $500,000 and 10% of any amount over $500,000. If the purchase price is over $1,000,000 the minimum downpayment would be 20%. Overall the minimum down payment is dependent on the purchase price, credit history, income etc. 

A downpayment of 35% or more of the purchase price applies to Canadian non-residents and newcomers who are not employed or with no established credit history. 

If the down payment is less than 20% of the purchase price, the buyer will also need mortgage loan insurance, this is also known as high-ratio mortgage insurance.  

Visit the mortgage information page, which also has Frequently Asked Questions (FAQs) with answers.
Home Inspection 
The home inspection fee is typically after the agreement of the offer to purchase. Since the appropriate steps for the home inspection condition is typically taken before the offer is firm and binding. The average cost for a home inspection is approximately $300-$350. This cost can vary based on the location, property condition and size of the house. A condo home inspection can cost approximately $225-$275, again based on the location, property condition and size of the condo. Check out the home inspection page to read more.
The lawyer fee and title insurance vary in costs, typically it depends on the price of the property, property type and lawyer. When the price of the home is higher than $400,000, then the price of title insurance usually increases in price. To learn more about lawyers, lawyer fee and title insurance, visit lawyer information.

Home Buying Expenses & Closing Costs - Summary 

Contact Pratham Kalia TODAY to schedule a FREE exclusive seminar to discuss about the home buying process, home buying expenses, market trends and much more. 


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