First-Time Home Buyers
Purchasing a house is one of the largest investments you’re likely going to make in your life – and one of the most exciting. If you’re looking to buy your first home, it’s probably time to take out your first mortgage.
We can help you qualify for a first-time home buyer mortgage. If you do qualify, we have good news – there is financial assistance available to help you become a homeowner. Our mortgage brokers will guide you through the pros and cons of first-time homebuyer discounts so that you’re able to make an informed decision.
For more information, contact our specialists now at (416) 258-0156.
How Do You Qualify for First-Time Home Buyer?
To get started, we’ll first sit down with you to ensure that you’re able to acquire a mortgage. Before all else, you should realize that buying a home is a big investment that requires consistent cash flow. To qualify for your first mortgage, you’ll need:
- Proof of employment
- Stable income
- Good credit score
- Minimum 5% down payment
From there, we’ll assess your overall finances to establish the loan you’re eligible for and lock in your interest rate. It’ll be easier to shop for your dream home once you’re pre-approved for a mortgage.
What Programs Are Available for First-Time Home Buyers?
There are a wide variety of programs available to first-time homebuyers. These programs can help you acquire the home you desire and ease some of the financial strains involved.
First-Time Discount Programs
When it comes to first-time mortgage discount programs, our specialists will need to know that you or your spouse have not lived in an owned property in the last 4 years. We also need to make sure the home you have in mind qualifies for this mortgage type. Some of these programs include:
- First-Time Home Buyer Incentive (FTHBI)
- First-Time Home Buyers’ Tax Credit (HBTC)
- Home Buyers’ Plan (HBP)
- GST/HST New Housing Rebate
- … and much more!
Our team can help you make sense of these resources, and we welcome you to reach out to us for any questions or concerns you may have.
What Are the Pros and Cons of First-Time Buyers Mortgage Programs?
First-time buyer’s government programs come with their advantages and disadvantages. One of the biggest perks is having access to a lower mortgage. Discounted mortgages can be the difference between being able to afford a home and getting stuck renting, so it’s great to know there are alternatives available.
Although homeownership can often seem out of reach without these resources, it’s crucial to know the disadvantages of these programs. Some of these include strict financial eligibility clauses and shared home equity. With the latter, you may end up owing more money as the value of your home increases. With our brokers on your side, you’ll be able to navigate through the first-time homebuyer programs with ease. Call today to get started.
Discover the Best Mortgage for First-Time Buyers
Although we know it’s a significant step, we encourage you to take the leap and become a homeowner. Schedule a no-obligation consultation with our mortgage specialists to receive professional advice with a personal touch.
Get in touch with us now at (416) 258-0156 to start your homeownership journey.
