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Before you take possession of your new home, you need to consider any and all additional costs of obtaining your mortgage - closing costs.  These are the costs to close a mortgage in Saskatchewan:   

Home inspection

It is advisable to make an offer on a home conditional on the outcome of an independent home inspection. A home inspector looks for items that could affect the price and desirability of a home, such as outdated wiring, shabby roofing, an old furnace or cracks in the foundation. The fee depends on the home's size, age and the amount of time it takes to do a thorough inspection. Approximate cost are $400 to 700.

Insurance costs

Mortgage loan insurance: A mandatory expense if you make a down payment of less than 20% and is charged on the amount of the mortgage. Administered through Canada Mortgage and Housing Corporation (CMHC), Genworth Financial or Canada Guaranty.

Title insurance: Protects you from any unpleasant revelations about your property's history. Unless you pay for a survey, it's difficult to get a comprehensive history of your property. This insurance is obtained through your lawyer and is approximately $260 in Saskatchewan.

Home insurance: You must have fire insurance in effect upon taking possession of your home. This cost will vary depending on your insurer.

And don't forget to consider...

Deposit: Due upon the acceptance of your purchase offer, a deposit is essentially a gesture of good faith between the buyer and the seller. A minimum deposit is usually around 5-10% of the purchase price. This is something your Realtor will help you with.

Appraisal: An appraisal may be required to determine the market value of the property you are buying. If you are putting more than 20% down the appraisal is at your cost and they generally start at $350 and go up depending on the appraisal company, the size of the property and its location. For example, properties over 1800 square feet have a higher cost as well as acreages depending on the amount of land and where they are located.

Legal costs and disbursements: A lawyer or notary is vital to any home deal. They are drafting the title deed, preparing the mortgage documents, mediating with the seller's attorney, and transferring the land title and much more. Approximate cost is around $900 plus taxes in Saskatoon, Saskatchewan.  

Taxes: GST is payable only on new build homes but is often absorbed by the builder. Be sure to clarify who is handling this.  If the mortgage is insured in Saskatchewan, the PST is also applied to the insurance portion when paying less than 20% down payment.

Land Transfer Tax: Buying a home is Saskatoon or anywhere in Saskatchewan there is a land transfer fee of $170 plus a 0.03% land transfer tax based on the purchase price and payable by the purchaser. 

And don't forget your moving, mail transfer and utility setup costs! 

I can help you manage your closing costs!   I will explain each of these costs to you in greater detail to help you manage your financial obligations.  

My mortgage broker office is in Saskatoon but in today's world we do most everything electronically so I can help find you a mortgage no matter where you are in Saskatchewan.   

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