Closing Costs in Ontario: The Cash Bill Nobody Budgets For

Closing costs in Ontario run 1.5% to 4% of the price and are due in cash. Here is what first-time buyers miss. In this episode of Real Estate Without The Noise, Evelyn Lopes, Ruth Ballantyne and Sandy Casella sit down with licensed mortgage broker Monica Falco of M2 Mortgage Team and Capital Home Lending to explain closing costs for home buyers in Ontario. WHAT YOU'LL LEARN How much cash you need on closing day, on top of your down payment Why you cannot add closing costs to your mortgage in Ontario How a statement of adjustments works, with a simple property tax example Why the tax on mortgage default insurance is a closing cost Why lawyer quotes look so different, and what disbursements are What new build and country home buyers pay that resale buyers do not CHAPTERS 0:00 The most dangerous number in your home purchase 1:00 Meet Monica Falco, mortgage broker 2:00 Why buyers forget closing costs 3:30 The costs that catch buyers off guard 5:20 New condos and the 10 day cooling off period 6:00 The tax on mortgage default insurance 7:10 When to talk about closing costs with buyers 8:45 You cannot finance closing costs 9:30 The statement of adjustments, explained 12:15 Country homes and extra inspections 13:15 How to calculate closing costs before you offer 14:30 The 1.5% lender requirement 15:50 Why your team matters 17:30 Has a deal ever fallen apart over closing costs 18:40 Pre-construction and new build costs 19:45 The grading deposit you can get back 21:00 How buyers adjust when the number is a shock 22:00 Banks versus brokers 24:00 Three things to remember 25:00 Thank you and where to find the show WATCH NEXT [Related video title]: [link] CONNECT WITH THE HOSTS Evelyn Lopes, RE/MAX Realty Services Inc. (Caledon, Orangeville, Erin, Guelph, NW GTA): evelyn@evelynlopes.com | 905-965-5902 Ruth Ballantyne, RE/MAX Realty Services Inc. (Brampton and surrounding areas): ruth@ruthballantyne.ca | 416-779-8732 Sandy Casella, eXp Realty (Etobicoke, Hamilton, Burlington, Oakville, GTA West): sandy@sandycasella.com | 416-467-8627 Guest: Monica Falco, Founder, M2 Mortgage Team |Principal Broker, Capital Home Lending #12347 : Phone: 647-204-8621 | Email: monica@m2mortgageteam.ca | Website: https://www.m2mortgageteam.ca Instagram:   / m2.mortgageteam   Show contact: RealEstateWithoutTheNoise@gmail.com Subscribe and leave us a review. It takes two minutes and helps other buyers and sellers find us. Listen on Your Favourite Podcast Player: https://real-estate-without-the-noise... The content in this podcast is intended for informational and educational purposes only. Nothing discussed constitutes legal, financial, mortgage, or investment advice. Real estate markets vary by location and change over time. Always conduct your own research and consult with a qualified professional before making any real estate or financial decisions. Market data referenced is believed to be accurate at the time of recording but may not reflect current conditions. Past performance of the real estate market is not a guarantee of future results. XXXPOD.12