Frequently asked questions

 As a first time home buyer you have many options for incentives at your fingertips. Learn more about them here.

• First-time homebuyer land transfer tax rebate – charged by every province except for Saskatchewan and Alberta. There is an additional land transfer that is charged by the City of Toronto. In BC, ON, PEI, and the City of Toronto, first-time homebuyers are eligible for a rebate of these land transfer taxes subject to the maximums and conditions.
• The home buyers plan (HBP) – allows first-time homebuyers to use their tax-sheltered savings in a Registered Retirement Savings Plan (RRSP) for a down payment. The RRSP will let you take out $35,000 for a down payment which MUST be repaid to the RRSP within 15 years. Some additional conditions may apply so make sure to do your research before.
• GST/HST new housing rebate – rebates a portion of the federal component. Some provinces have their own versions that reimburse buyers a portion of the provincial component. This rebate can only be used on newly built houses, new constructions of a home on land that you own, or for significant renovations to an already existing home. This rebate is not only for first-time homebuyers, but is used more by them if they are buying a newly built home.
• CMHC Insurance for first-time homebuyers – mortgage default insurance (AKA CMHC Insurance) allows homebuyers to buy a home with as little as a 5% down payment. It is important for first-timers who may not have enough time to save a 20% down payment especially if it is in a hot real estate market like Vancouver and Toronto. A high-ratio mortgage is a mortgage default insurance for any mortgage that has a down payment of less than 20%. This type of insurance is offered by CMHC (Canadian Mortgage and Housing Corporation) and other private insurers. This insurance is not cheap, and it would be advised to try and avoid paying for it by saving a larger down payment.
• Mortgage rates for first-time homebuyers – if you have good credit and the necessary down payment, you are more likely to qualify for the best rates on the market. Be sure to shop around and many first-time mortgage brokers are used in order to help through the application process.

Tips for getting approved:

1. Maintain a good credit score
2. Make a larger down payment relative to mortgage payments
3. Stabilize your income
4. Reduce existing debt 
5. Apply for pre approval 
6. Use a broker to get a mortgage rate that suits your needs
7. Know what you can and cannot afford

For more information on our tips click here

Of course! Banks follow a tight set of guidelines to approve deals. This does not mean you cannot get a mortgage. There are alternative lending institutions that you may have heard of, such as Home Trust. We have a large pool of such lenders that compete for our business – we have the upper hand and can negotiate great deals, perhaps a better than what your very own bank has to offer. Let’s talk about your mortgage today!

We suggest our client to choose Accelerated Biweekly Payments for their Mortgage Payments. With accelerated bi-weekly payments, you will make 26 Biweekly, which is equivalent to 13 monthly payments in one year. The extra payment reduces the amortization period as well as increases savings with the reduction of interest payments.