Finding Money For Closing Costs!

Matt Chan • November 29, 2016

If you are planning on purchasing a property in the next couple of years, here is a really good video that will explain how you can find some extra money to put away into savings without impacting your lifestyle. Maybe you can even find enough money to cover the legal fees of buying your next home, that would be a nice challenge. 

Transcript

Hey guys welcome to mostly money, I hope you like what I’ve done with the place, and if not keep your comments to yourself.

So this week, I thought I’d talk about how you can find the money to save in the first place because I think a lot of people are on board with the idea that saving money is in fact a good idea but sometimes they struggle with finding that money to put away. So here’s one quick idea that I think anyone can put into practice, convert automatic expenses into automatic savings. Here’s what I mean by that, when it comes to automatic savings it works well for people because they forget how much they’ve been saving automatically but it’s the same with your expenses after a while you forget all the expenses that you’ve committed to. So there is the potential that you could reduce or eliminate some of these regular expenses that you haven’t looked at in a long time.

Here’s what you do, simply take a look at all your credit card statements and bank statements for the last two months. Go over it line by line and take a look at all the regular recurring automatic expenses and write them down. I’m talking Netflix subscriptions, TV packages, internet service, insurance premiums, subscriptions you have to magazines and newspapers anything that occurs on a regular basis on those statements. Write each of those items down,  next write down how much you’re spending per month for each of these items. The next thing you’re going to do is take each of these expenses and figure out if there’s any way to reduce or eliminate them. For example, Netflix subscriptions have three tiers: basic, standard, and premium .The premium services $11.99 per month and it gives you access to stream in ultra HD but if you don’t even have an ultra HD capable device you’re paying for something you don’t even need. Or maybe you can settle for regular HD and if you do that you can downgrade to the middle tier, the standard package which is $9.99 per month so that’s only $2 in savings but bear with me. Maybe it’s been a while since you first signed up for streaming service and back then you thought there’s no way i can get rid of cable just yet but fast forward two years and all you do now is Netflix and chill. Now is a great time to see if maybe you can reduce your cable package and easily save $30 per month or more.

When was the last time you looked at bank fees? If you haven’t looked at your banking package in the last couple of years, I’m going to bet it’s pretty easy to see that at least $5 per month. If you go through this simple exercise for all your regularly recurring expenses, I don’t think it would be a surprise to find that a lot of people can find $50 per month in savings, but now here’s the trick. Whatever savings you find you have to immediately commit to an automatic savings plan, for the exact same amount so if you find $50 in savings, you actually have to save the savings and put that $50 away into a savings account. You’re not going to notice a big change to your cash flow, but after 12 months of saving $50 per month that’s going to add up to $600! If you want to find a $1000 in annual savings you need to find $83.33 per month in expenses to cut out. The point is if you take a few hours to go through this exercise you can make a big positive change to your finances without having a big change to your lifestyle.

So to recap:

  1.  Make a list of all your automatic regularly recurring expenses.
  2.  For each of those items figure out if you can reduce or eliminate them.
  3.  Most importantly, whatever savings you find you have to direct either into a high-interest savings account or towards accelerating your high interest debt payments and that’s it!

If you’ve done this exercise before or you were inspired to do because you watch this video I would love to see what your results were. Let us know in the comments section down below how much money you freed up and thanks for watching!

Hey guys, thanks for watching Mostly Money. I hope you enjoyed today’s show don’t forget to subscribe to my channel by clicking on the button in the bottom right hand corner of your screen a
little thing that says Subscribe. There are lots of videos to explore my channel like this one. So, if you want to learn more about money and personal finance in a fun way check those out! If you have any questions for me you can reach out to me on Twitter at Preet Banerjee or you can leave your questions and comments down below in the comments section. That’s it for today see you next time.

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What to Expect in the Closing Process: A Step-by-Step Guide

By Matthew Chan • February 4, 2026
You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.

Bank of Canada Rate Announcement Jan 28th, 2026

By Matthew Chan • January 28, 2026
Bank of Canada maintains policy rate at 2¼%. FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario January 28, 2026 The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The outlook for the global and Canadian economies is little changed relative to the projection in the October Monetary Policy Report (MPR). However, the outlook is vulnerable to unpredictable US trade policies and geopolitical risks. Economic growth in the United States continues to outpace expectations and is projected to remain solid, driven by AI-related investment and consumer spending. Tariffs are pushing up US inflation, although their effect is expected to fade gradually later this year. In the euro area, growth has been supported by activity in service sectors and will get additional support from fiscal policy. China’s GDP growth is expected to slow gradually, as weakening domestic demand offsets strength in exports. Overall, the Bank expects global growth to average about 3% over the projection horizon. Global financial conditions have remained accommodative overall. Recent weakness in the US dollar has pushed the Canadian dollar above 72 cents, roughly where it had been since the October MPR. Oil prices have been fluctuating in response to geopolitical events and, going forward, are assumed to be slightly below the levels in the October report. US trade restrictions and uncertainty continue to disrupt growth in Canada. After a strong third quarter, GDP growth in the fourth quarter likely stalled. Exports continue to be buffeted by US tariffs, while domestic demand appears to be picking up. Employment has risen in recent months. Still, the unemployment rate remains elevated at 6.8% and relatively few businesses say they plan to hire more workers. Economic growth is projected to be modest in the near term as population growth slows and Canada adjusts to US protectionism. In the projection, consumer spending holds up and business investment strengthens gradually, with fiscal policy providing some support. The Bank projects growth of 1.1% in 2026 and 1.5% in 2027, broadly in line with the October projection. A key source of uncertainty is the upcoming review of the Canada-US-Mexico Agreement. CPI inflation picked up in December to 2.4%, boosted by base-year effects linked to last winter’s GST/HST holiday. Excluding the effect of changes in taxes, inflation has been slowing since September. The Bank’s preferred measures of core inflation have eased from 3% in October to around 2½% in December. Inflation was 2.1% in 2025 and the Bank expects inflation to stay close to the 2% target over the projection period, with trade-related cost pressures offset by excess supply. Monetary policy is focused on keeping inflation close to the 2% target while helping the economy through this period of structural adjustment. Governing Council judges the current policy rate remains appropriate, conditional on the economy evolving broadly in line with the outlook we published today. However, uncertainty is heightened and we are monitoring risks closely. If the outlook changes, we are prepared to respond. The Bank is committed to ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. Information note The next scheduled date for announcing the overnight rate target is March 18, 2026. The Bank’s next MPR will be released on April 29, 2026. Read the January 28th, 2026 Monetary Report

Buying a Vacation Property or Rental? Here’s What Lenders Look For

By Matthew Chan • January 21, 2026
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