First Time Home Buyers

Purchasing your first home is extremely exciting, and I would love the opportunity to help you get there. I will walk you through the entire process, handling all of the paperwork so you can focus on what’s most important; finding the perfect home!

We will first determine how much of a mortgage you can qualify for, this way you are confident that you’re shopping in the right price range. Plus, we want to make sure that you are comfortable with the total monthly expenses that your new home will bring.

I will help you determine the monthly costs that you are most comfortable with, we will do this by first examining your long term goals and hopes for the future. This will also help me in knowing which specific lender and mortgage product will fit best with your current lifestyle for all your needs and wants.

The minimum down payment will be 5% if your purchase price is $500,000 or under. If your purchase price is over $500,000 but less than $1,000,000, the minimum down payment will be 5% on the first $500,000, and 10% on the remainder. For any purchase with less than 20% down payment, an insurance premium will be added to the mortgage. If your purchase price is $1,000,000 or higher, the minimum down payment will be 20% and there will be no insurance premium added to the mortgage.

Lenders are required to verify that you can afford to pay the new mortgage payment and all additional expenses that come with home ownership. You will need to provide confirmation of your income, such as a recent employment letter and paystubs from your employer, or your previous two years T1 General tax returns if you are self-employed. The lender will also ask to see confirmation of your down payment funds and closing costs, in most cases this means 90 day history on the account(s) the funds are currently in. Gifted down payment will be acceptable in most cases.

When we have your target purchase price and down payment amount calculated, I can lock you in a rate hold for up to 120 days. This guarantees you a maximum rate should interest rates start to rise, this way you can shop with confidence. If interest rates start to go down, I can then get your rate dropped to the lowest rate available when it comes time.

Once you find the right home, I immediately get to work so I can present you with the best mortgage options for your situation. I will discuss the pros and cons of each lender to help you make the decision that is right for you. I will guide you through the entire process, from accepted contract all the way to the conveyancing and closing of your mortgage.

Programs that are available to First Time Home Buyers:

Home Buyers’ Plan

First time home buyers are able to withdraw up to $35,000 in a calendar year from their registered retirement savings plans (RRSP’s) to buy their first home. If more than one person is purchasing a home together, they will each be able to withdraw up to $35,000. Borrowers have up to 15 years to repay this amount back into their RRSP.

For more information, please Click Here.

Home Buyers’ Amount

The Canadian government would like to assist first time home buyers with the costs associated with purchasing a home, there is a $5,000 non-refundable tax credit available. This will provide up to $750 in tax relief.

For more information, please Click Here.

First Time Home Buyers’ Program

The first time home buyers program reduces or eliminates the amount of Property Transfer Tax Canadians and permanent residents pay when they purchase their first home in British Columbia.

There will be a full exemption for property valued at $500,000 or lower, and 1.24 acres in size or smaller. There may be a partial exemption for any property valued up to $525,000, and larger than 1.24 acres in size.

If one or more of the purchasers do not qualify for the program, only the percentage of interest that the first time home buyer has in the property is eligible for the exemption.

For more information, please Click Here.

First Time Home Buyer Incentive

The first time home buyer incentive is a program from the Canadian Government that helps borrowers purchase their first home, they will match your 5% down payment as an interest free loan. This addition to your down payment can lower your mortgage carrying costs, but keep in mind this is a shared equity mortgage with the Government, meaning the Government will now own 5% of your home when you go to sell or pay them back.

For more information, please Click Here.

Please reach out today for your free consultation, or get started on a secure mortgage application with the click of a button.

Let’s get you one step closer to your home ownership dreams!

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