Did you know mortgage lenders and mortgage default insurers will typically ask you to show between 1 and 1 1/2 % of the purchase price of a home for closing costs? This can mean, for example, an extra $4500 above and beyond your down payment for a home that cost $300 000.
Most potential home buyers know about a downpayment, but not everyone understands the closing costs!
There are a couple of ways to work around needing to show this full amount if you live in Alberta—I’ll explain how in this video:
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.