First-Time Home Buyer Mortgage Services
Best Mortgage Agent in Mississauga, ON
I understand how overwhelming the whole process is for the first time. There are so many questions in your mind and you don’t know where to start so you turn to the internet. Unfortunately, not everything on the internet can answer your questions. A professional like myself who specializes in first time home buyer mortgages can assist you and make the process hassle free. I understand the programs that are available for first time home buyers and I make you familiar with all the programs so you can make an informed decision.
In Canada, you can buy your first home with as little as 5% down payment up to $500,000. If you buy a house that is $700,000 you will need 10% on the amount between $500,000-700,000. The house value cannot exceed $1 million.
Mortgage default insurance
If you put a down payment of less than 20% you need to get mortgage default insurance. In Canada there are three mortgage insurers CMHC, Sagen and Canada Guaranty. They were introduced as back up for lenders if you stop making your mortgage payments. This should not be confused with home insurance or life insurance.
RRSP Home Buyer’s Plan
Each eligible applicant may borrow up to $35,000 tax-free from your RRSP towards your down payment. Just keep in mind that the money must be in your RRSP at least 90 days before the purchase of your house.
You must start repaying the amount borrowed from the RRSP two years after you buy over a 15-year period.
Land Transfer Tax Rebate
You are charged a land transfer tax when you buy a house. Most provinces rebate some or all of this tax if you're eligible. Homebuyers in the City of Toronto are also eligible to receive a rebate on the city’s land transfer tax, in addition to the provincial rebate.
First-Time Home Buyer’s Tax Credit
The First-Time Home Buyer’s Tax Credit helps offset legal fees, inspections, and other similar closing costs.
GST/HST New Housing Rebate
The GST/HST New Housing Rebate offers money back to Canadians who buy a newly built home