Most first-time buyers focus on the house and forget the money. The real risk is not picking the wrong house — it's being blindsided by closing costs, hidden defects, or a mortgage you cannot afford.
Pro tip: In Canada, closing costs are typically split: buyer pays legal (~$1,200–$2,000), land transfer tax (Ontario = ~1.5% of price), title insurance (~$300–$600), home inspection (~$500), and appraisal (~$300). Budget 1.5–4% of purchase price total. Never skip the home inspection to save $500 — it is the cheapest insurance you will buy.
Essential — required by lender before closing. Get 3+ quotes. First-time buyers often qualify for discounts (~$800–$1,500/year for $300k home).
Optional but smart — photograph all rooms, closets, appliances (serial numbers), and valuable items. Use for insurance claims. Phone camera works; document in spreadsheet.
Essential — lender requires this to verify the house is worth the loan amount. Cost typically rolled into closing or paid upfront (~$300–$500).
Essential before mortgage pre-approval — know your score and any errors. Free annually; paid monitoring ($15–$25/month) catches fraud early.
Essential — shows sellers you are serious and tells you your real max budget. Free from any Canadian bank or mortgage broker. Takes 1-3 days.
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