Closing Costs - Don’t forget closing costs when buying a home Despite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home. These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major “closing costs.” Legal fees: Since a lawyer is an essential part of your home-buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements as required. Mortgage insurance and application fee: For any high ratio mortgage, which is any mortgage in which 75 or more per cent of the house’s purchase price is covered by the mortgage, the lender requires mortgage insurance. Mortgage broker’s fee: A mortgage broker may charge a fee to set up a mortgage for you. In some cases the fee may be included with the…