First Time Home Buyer Mortgage
As a first-time home buyer, we’ll guide you through every step—from paperwork to finding the right mortgage and exploring incentives tailored to your dream home.
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Ready to take the next step? Get your appointment with us today and find the best mortgage deals for your needs!
Mortgage Pre Approval Broker in Mississauga, Ontario, Canada
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Programs and Benefits for First-Time Home Buyers
If you’re buying your first home, you can take advantage of several special incentives. The Canadian government offers benefits like tax credits, rebates, grants, and programs to help make your home purchase more affordable. Some of these perks are also available if you’re selling your current home and planning to buy a new one.”
First-Time Home Buyers’ Tax Credit/Land Transfer Tax Rebate
Depending on your location, buying your first home may come with tax relief options. For example, the First Time Home Buyers’ Tax Credit can be claimed on your annual tax return for the year you purchase your home, offering up to $4000 rebate. Additionally, first-time home buyers might qualify for a rebate on land transfer taxes, subject to certain requirements.
Home Buyers’ Plan
The RRSP Home Buyers’ Plan lets first-time home buyers borrow from their Registered Retirement Savings Plan (RRSP) to use as a down payment. You can take out up to $60,000, which you’ll need to pay back within 15 years. But be cautious—dipping into your retirement savings can increase financial stress down the road. Make sure to weigh the pros and cons, do your research, and don’t hesitate to reach out to us if you want to talk about it further.
GST/HST New Housing Rebate
When you buy a new home in Canada, GST or HST is added to the sale price. The GST/HST new housing rebate helps you get back part of this tax. You can use this rebate for buying a new home, building a house on land you own, or renovating your current home. Although first-time home buyers often take advantage of this rebate for new properties, it’s available to everyone.
First-Time Home Buyer Incentive
This incentive helps lower the cost of mortgage payments for first-time home buyers. It offers contributions of 5% or 10% of the property’s total cost, which you repay within 25 years. By using this incentive, you can save a significant amount by the time your mortgage is fully paid off. Just make sure to review the qualification guidelines, as they can be quite strict.
Overcoming Challenges as a First-Time Home Buyer:
- Exploring Alternative Lenders: Find flexible mortgage options beyond traditional banks.
- Addressing Credit History Concerns: Overcome limitations in credit history for a smoother mortgage approval process.
- Denied by Banks? We Can Assist: Access specialized support to secure a mortgage despite previous bank denials.
First Time Home Buyer Mortgage Ontario
As a first-time home buyer, you can count on us to guide you through every step of the mortgage process. From handling the paperwork to finding the right mortgage product, we’re here to help. We’ll explore all the incentives, programs, and offers available to first-time buyers, ensuring you make an informed decision and secure your dream home.”
Why Choose Yesha
We are committed to make your future secured
We design mortgage plans that can accommodate your specific financial preferences and aspirations.
Fast Mortgage Approval
Swift and efficient processing to get you approved in no time.
Wide Range of Lenders
Access to 50+ lenders ensures you get the best possible rate.
Personalized Solutions
Custom mortgage plans designed to meet your unique needs.
How It Works
Let Us Help You Get Your Mortgage Approved
Step 1
Consultation
An initial chat to understand your financial goals and needs.
Step 2
Document Collection
Gathering the necessary financial documents to support your application.
Step 3
Application
Submitting your completed mortgage application to the lender.
Step 4
Approval
Getting your mortgage funded and closed.
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F. A. Q's
Frequently Asked Questions
Find answers to your frequently asked questions about residential mortgages in Canada.
This depends on various factors such as income, expenses, and credit score, based on which the eligibility is taken into account.
Mortgage refinancing involves replacing your current home loan with a new one, typically to secure better terms such as a lower interest rate or shorter loan duration. It can also involve accessing the equity in your home for other financial needs.
A high-ratio mortgage is a type of mortgage where the down payment is less than 20% of the property’s purchase price. This type of mortgage typically requires mortgage default insurance to protect the lender in case of borrower default.
Getting pre-approved for a mortgage involves providing your financial details for assessment by lenders, who then determine the maximum mortgage you qualify for. This process streamlines your homebuying experience, giving you a clear understanding of your purchasing power and enhancing your credibility with sellers.
With a reverse mortgage, seniors can turn their home equity into cash and receive loan payments, which are typically returned when the person sells their house or passes away.
Appointment
Connect with Mortgage Specialist
Contact us today to schedule a consultation with Yesha and explore your mortgage options. We are committed to making your homeownership dreams a reality.
- Every Step Of The Way
Rest assured, we’re here to assist you through every stage of the mortgage application process.
- Fast Approval
We’re dedicated to providing you with fast, efficient, and transparent service, always prioritizing your needs.
- Low Rates
Get competitive rates when you reach us for your mortgage solutions.
Make an Appointment
Ready to take the next step? Get your appointment with us today and find the best mortgage deals for your needs!
Yesha Patel
Mortgage Agent Level 2
Affinity Mortgage Solutions LIC #13093
Independently Owned and operated.
