After purchasing your new home, there are some additional fees that need to be covered. These costs are dependent on multiple factors. Some of the closing costs you need to take into account are mortgage interest adjustments, provision sales tax on mortgage insurance, land transfer tax, title insurance, fire insurance, prepaid property tax, utility adjustments, legal fees, and disbursements.
A good rule of thumb would be to set aside one to three per cent of the purchase price of the property for closing costs. In fact, some lenders require that you show 1.5 percent of the purchase price available in your bank account for closing costs (in addition to your deposit and down payment).