Canadian vs U.S. Closing Fees

If you ever thought it was expensive to close a mortgage, have a peek at what our American neighbours pay.

This is a recent printout from a major U.S. lender. (Click to enlarge)

On a prime mortgage, Canadians are generally spared loan discount fees (aka., “points,” or rate buy-down fees), “underwriting fees,” and “processing fees” to name a few.

Canadian lenders tend to absorb some of these fees, and in other cases, much of the fee difference can be attributed to different U.S. closing requirements.

In total, the average closing cost for a mortgage origination in Canada is roughly $1,000 USD, versus an average of $3,700 USD in the States. (Source: AllBusiness).

Yet another reason it’s great to be Canadian…