DON’T BE SHOCKED AT CLOSING! WHY YOUR MONTHLY ESTIMATE COULD BE OFF

Think you’ve got your monthly payment all figured out? Not so fast! While it’s easy to focus on your mortgage amount and interest rate, property taxes can throw off your estimate—big time.

Here’s why: The tax amount listed on a property isn’t always what you’ll pay. Property taxes are adjusted at closing based on the time of year you buy. If the seller has already paid for part of the year, you might need to reimburse them for your share. On the flip side, if taxes are due soon, you could be on the hook for more upfront than you expected.

Avoid the sticker shock—before closing, double-check with your mortgage advisor, lawyer, or notary to get a clear picture of what to expect. A little homework now can save you from a budget surprise later!

Thinking about buying soon? Let’s chat about what costs to plan for!

#HomeBuyingTips #MortgagePlanning #RealEstateCanada #KnowYourNumbers #ClosingCosts