Get off on the right foot in your home buying journey with an experienced first time home buyers mortgage broker
Be sure to talk to us about getting pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.
“Thank you very much for all your help and support in getting us set up with our first mortgage. Your patience and speed in answering our 10,000 questions combined with your friendliness and professionalism made it an absolutely pleasure to work with you… Thanks again, and all the best.”
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.