First Home
Purchasing your first home is both exciting and challenging. We’ll help.
MAKE SURE YOU HAVE ALL THE INFORMATION YOU NEED TO PURCHASE A HOME.
For first-time homebuyers, purchasing a home will be a significant event in your life. Make sure you have all the information you need to make an informed decision. Getting professional mortgage advice from a licensed broker is a great first step. The Mortgage Professionals specialize in providing you with all the financial, legal and general information required when purchasing your first home.
There are several mortgage options, and it can be overwhelming to go through all of them. Our mortgage consultant will listen to your situation and provide the right mortgage package for your needs. The right mortgage isn’t just a low rate – it considers term, prepayment options, restrictions, refinancing penalties, fees and more!
We’ll help you determine what type of home you can comfortably afford based on your budget, as well as recurring homeowner costs such as utility bills, insurance, and taxes. Knowing your budget and coming up with a monthly payment plan is key to making sure your new home doesn’t put you into financial turmoil.
A great tip for first-time homeowners is to ensure you get pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.
We also provide down payment options. A down payment is typically 5% of the purchase price, but ownership could save you a significant amount of money over time.
There are a few options to consider for first-time homebuyers who may have smaller down payments:
The Home Buyers’ Plan (HBP) – If you’re a first-time homebuyer, you can personally withdraw $25,000, or $50,000 as a couple, tax-free from RRSPs, provided you adhere to the repayment plan.
Gifted down payment from an immediate family member – This 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 small – Purchasing a starter home is a long-term investment, which can be used as equity when you want to purchase your dream home later.
Work with professionals – We’d be happy to recommend realtors, lawyers, home inspectors and other professional who we trust and are truly amazing in their fields.
There’s so much to consider. Work with The Mortgage Professionals 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 homebuying journey.
We look forward to helping you purchase your first home!