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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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.”

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Why Choose Yesha

We are committed to make your future secured

We design mortgage plans that can accommodate your specific financial preferences and aspirations.

About Yesha

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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Testimonials

What our clients say about us

Curious what our customers have to say about their experiences? See how we helped them to live the life of their dreams and secured the best mortgage solutions.

Madhav S★★★★★
Working with Yesha was fantastic! She really knew the stuff and made the whole mortgage process a breeze. I got an amazing rate and she explained everything in a way that was easy to understand. I felt confident and supported the entire time.
Todd.★★★★★
Yesha and Jas provided exceptional service during my mortgage refinancing. They took the time to understand my financial situation and offered tailored advice that saved me a significant amount of money. Their patience and attention to detail were truly commendable. I am grateful for their help and highly recommend their services.
Michael★★★★★
As a self-employed individual, I faced various challenges in securing a mortgage. Yesha and her team understood my needs and went above and beyond to find a lender who offered favourable terms. Their dedication and persistence ensured that I got the best deal possible. Their personalised service made all the difference. Thank you!
Kratima★★★★★
Being a first-time homebuyer, I was nervous about the mortgage process, but Yesha and her team made it easy. They patiently explained each step, from pre-approval to closing, and were always available to answer my questions. Their professionalism and warmth made me feel valued and reassured. Thanks to them!
Jorge M★★★★★
I had a tight deadline to get a mortgage for my first home, and Yesha made it happen! She worked so hard to move things along quickly and kept me in the loop the whole time. Her dedication and quick action were amazing. I couldn’t have asked for a better person to help me through this. Highly recommended!

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F. A. Q’s

Frequently Asked Questions

Find answers to your frequently asked questions about residential mortgages in Canada.

How much mortgage can I get?

This depends on various factors such as income, expenses, and credit score, based on which the eligibility is taken into account.

What is refinancing a mortgage?

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.

What is a high-ratio mortgage?

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.

How to get pre-approved for a mortgage?

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.

What is a reverse mortgage?

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.

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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

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