Mortgagenomics Canada

Imagine running a marathon and you are 50 strides away from completing the race.  But suddenly, a race official appears out of nowhere and moves the finish line another 500 meters ahead.  This is what closing costs verification feels like...the applicant has just recently (painstakingly) satisfied the down payment verification and is now presented with another task of proving that they have enough cash to pay for the legal fees, property transfer taxes, moving truck and other peripheral costs associated with the purchase of a home.  At the end of the day, it's not that big of a deal, but it is definitely worth addressing and making the buyer aware very early on in the buying process so as to avoid any unnecessary drama and tension. 3 key points about Closing Cost Verification:lenders typically calculate the Closing Cost as 1.5% of the purchase price and in provinces like BC and Ontario where Property Transfer Taxes are significant, the request for it during the mortgage process simply reiterate