First Time Home Buyer

When you purchase a home, it’s likely you’ll need a mortgage – which will allow you to own a home. Income, credit and down payment are taken into consideration by lenders during the mortgage process.

 

If you’re buying your first–time, you’ll be required to put minimum 5% down payment, depending on the purchase price and the rest will be a mortgage – which you’ll make the monthly payments on. Government incentives are available for first–time home buyers, that will help them afford more and help reduce the mortgage payments.

 

Home Buyers’ Plan: You may use your RRSP, up to $35,000 per person or $70,000 per couple to put towards the down payment of a home.

 

Land Transfer Tax Rebate: You may receive up to $4,000 rebate – and if, one or more person on title already owned or owns a property, the rebate will adjust.

 

Home Buyer Incentive: Eligible first–time home buyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada – names on title must have less than $96,000 combined income to qualify.

 

Any down payment less than 19.9% will require Mortgage Insurance, which will be added within your mortgage.

 

Connect with us today, we’ll assess your overall mortgage needs and provide the best solution.