Mortgage closing costs (also known as "buying and moving costs" or "completion fees") are the fees and expenses required to process a loan and transfer legal property ownership, typically ranging from 3% to 8% of the total mortgage loan amount or property purchase price.

But with the introduction of the 20% VAT since 1st January 2026, you need to add this 20% to any potential closing costs.

Take note that this is different from any mortgage down-payment. Mortgage Down Payment and Closing Costs come from any savings you had made when you decided to buy a home.

If you're struggling to save for both, the least you can do is to have some decent savings to cater for the closing costs, so you can at least hope for a 100% mortgage (aka no down-payment mortgage) - but if you have neither down-payment and closing costs, then no mortgage provider will take you serious - you may even be branded as a time-waster !!

Without paying for these costs, your purchase is incomplete and/or invalid, and exposes any buyer to fraud, double sales and litigation.

Note: Full Cash Buyers also have some of these costs to deal with, with the exception of any mortgage-related fees.

WHAT'S INCLUDED IN CLOSING COSTS

Lender Fees

Charges for processing and underwriting the loan, such as origination fees (typically 0.5% to 1% of the loan amount) and application fees. This is typically waived for almost everyone financing with us.

Third-Party Fees

Costs for services like home appraisals, credit reports, and property survey.

Title and Escrow Fees

Expenses for title searches or other due diligence checks, and closing agent services to ensure the property has no liens.

Prepaid Expenses

Advance payments for homeowners insurance, property taxes, etc.

Mortgage Points

Buying some points to chop off some interest rate points off your offered mortgage interest rate.

WHO PAYS THE CLOSING COSTS ?

Buyers:

Usually pay the majority of fees associated with securing the mortgage and evaluating the property.

Sellers:

Typically cover real estate agent commissions and transfer taxes, though buyers can negotiate for seller concessions to help cover some closing expenses.

CLOSING COSTS ASSISTANCE

We provide some Closing Costs Assistance (CCA) when buying any DCANS Property or financing an externally-sourced mortgageable property with us, via a legally-compliant mortgage interest sacrifice from us to your benefit.