Though it may be an exciting time, buying a home for the first time can be stressful and sometimes confusing. Seeking guidance from a mortgage professional can lead you down various paths of value, making the process smoother and more manageable.

What is the first thing I need to do?

An essential first step is gaining insight into the potential size of mortgage for which you qualify. This figure can vary depending on several key factors: your income, your savings (especially for a down payment), and your expenses. Having a clear understanding of your financial capacity upfront empowers you to establish a realistic budget and effectively pursue your ideal home.

How do I start the process of obtaining a mortgage?

To begin the process, simply click on the ‘Apply Now’ button on our website and submit your contact information. Within 48 hours, our team will promptly contact you to kickstart the creation of your mortgage application.
What programs are available to first time home buyers?

The Government of Canada offers home buying programs and incentives for homebuyers. We make it our priority that you fully utulize these programs that are offered by the government of Canada These can help you purchase your home.

The programs and incentives include the following:

The First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).
You may be eligible to save up to $40,000 tax-free to buy a home with an annual contribution limit of $8,000.

BC First time home buyers’ program

The first time home buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.

Qualifying first-time home buyers can benefit when they purchase a home worth up to BC Home Owner Mortgage and Equity

The B.C. HOME Partnership is designed to help first-time homebuyers who can afford the costs of home ownership, but are experiencing challenges with the initial step in entering the market – that is, getting together a down payment.

The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.

First-Time Home Buyers’ Tax Credit (HBTC)

First-time home buyers who acquire a qualifying home can claim a non-refundable tax credit of up to $1500 . The value of the HBTC is calculated by multiplying $10,000 by the lowest personal income tax rate (15% in 2022).

The Home Buyers’ Plan

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Currently the HBP withdrawal limit is $35,000.

BC Home owner grant

The home owner grant reduces the amount of property taxes you pay each year on your principal residence.
The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area.

The regular grant amount is $570 for properties located in the Capital Regional District,
the Metro Vancouver Regional District and the Fraser Valley Regional District. For all other areas of the province the grant amount is $770.

Work with The Mortgage Professionals.

Have a question or ready to take the next step towards owning your dream home? Our team of experienced mortgage professionals are here to help! Don’t wait any longer—reach out to us today and let us guide you through the process of finding the perfect mortgage solution tailored to your needs.