Mortgages for First Time Home Buyers
Tradition of Trust
Thinking about buying your first property?
Tired of passing your hard earned rent over to your landlord? Maybe you've built up some savings and have a downpayment for your own property. No matter what your situation is, I help simplify the buying process and worry about all the financing details so you can get down to finding just the right property as fast as possible. I am here to help you beat the banks ... Give us a call today.
Make sure you get pre approved first and lock in your rate!
Each mortgage application is different and I will help you figure out the numbers so you can stay focused on shopping for properties within your approved price range. You and your real estate agent will know exactly how much you can comfortably afford along with the assurance of a locked in rate - all at no cost to you.
Downpayment options: Downpayment is one of your most important considerations before you look to purchase your new home. If you're in the "saving up" stage of preparing for home ownership, this is a great time to meet with us so we can discuss your downpayment options. In most cases you want to save five percent of the purchase price.
There are a few options to consider for first-time homebuyers who may have smaller amounts to start:
The Home Buyers' Plan (HBP) - first-time homebuyers can withdraw individually $25,000 or $50,000 with a spouse tax-free from their RRSPs, provided they adhere to the repayment plan.
Gifted downpayment from an immediate family member - can be a source of funds as long as the homebuyer receives in writing that they are not required to pay the money back at any time.
Start off small - the dream house may be priced too high, so a starter home might be the right option for a first-time homebuyer. A smaller home or maybe a house just outside of the expensive area will help get a foot in the door. The homebuyer can take advantage of the low interest rates to pay off the home quicker and use the equity from the first home to buy the dream home later.
Build a team of professionals. We'd be happy to help you build a strong away team so that all aspects of your home buying experience are efficient and professional. Your team will include a realtor, lawyer, and a home inspector.
Plan for closing costs. There are additional costs that come with buying a home so you'll need to have some extra funds set aside to cover these costs. Generally, you can expect to pay between 1.5% and 4% of the home's selling price in total closing costs. We can outline all of your closing costs so you won't be caught by surprise.
Your Mortgage Consultant will also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs.
There's so much to consider. Work with your Mortgage Consultant today so you can get into the market and start your wealth building with smart debt! We'll help you get off on the right foot in your home buying journey.
We look forward to helping you achieve your dream of homeownership!