Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Can closing costs be rolled into the loan or covered by the seller?

Generally no for a standard owner-occupied purchase in Saskatoon. A CMHC, Sagen or Canada Guaranty insured mortgage finances the home and, where applicable, the insurance premium, but it does not finance legal fees, adjustments or your lender's other closing charges, which come from your own funds on possession day.

A seller can offer a credit toward specific costs as a negotiated term of the offer, and this happens more often in a softer market than a competitive one, but it is a negotiation point, not a standard feature of a Saskatchewan purchase contract.

The one cost that is genuinely built into financing is the provincial sales tax on your mortgage insurance premium if your down payment is under 20 percent, since Saskatchewan charges PST on that premium and most lenders add it to the insured loan amount rather than collecting it separately.

Legal fees of $800 to $1,500 and a home inspection of $400 to $600 are two of the costs that should be budgeted in cash rather than assumed into the mortgage. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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