You’re finally ready to buy your first home! Applying for a mortgage is the key step of the process. While this is supposed to be an exciting time, recent changes in Canadian lending regulations and interest rate increases have made it a bit challenging for would-be homeowners.
The good news is if you take the right steps and get your financial affairs in order as early as possible, your first-time home buyer mortgage application process can go much more smoothly.
If you are a first-time homeowner in 2022, you should know that several federal government incentives are available to make things easier for you and help you take the big step.
Here is a quick overview:
In Ontario, for example, first-time home buyers purchasing a home with a price of $368,000 or less get the full rebate which essentially means they won’t have to pay any land transfer tax. If the purchase price is higher, they can receive a maximum refund of $4,000.
Meanwhile, first-time buyers in Toronto can receive the full rebate if their purchase price is less than $400,000. They also get a municipal land transfer tax rebate of up to $4,475.
However, homeowners must repay the amount within 15 years.
With these programs and our help, you can save several thousand dollars and also avoid the stress that is part of the process.
If you haven’t already, it’s time you take advantage of these amazing opportunities!
...pick the one thats right for you.
|HELOC||7.2% (Prime rate)|
First National Financial
Street Capital Bank
|5 year variable||6.2% (Prime - 1%)|
|3 year variable||6.1% (Prime - 1.1%)|
|Line of Credit||Starting at 7.2%|
|Equity Loans||Starting at 6.5%|
|Private Mortgages||Starting at 7.5%|
We understand that purchasing a home is an exciting, life-altering decision, and this excitement can sometimes cloud our judgment. Since housing is becoming more costly, it is wise to plan ahead so you can live in the home of your dreams without regret.
Here are 5 key ways to see if you can pay for your dream home:
If you’ve managed to pass each key step, congratulations are in order!
Now, you can begin the actual process of home ownership. A qualified mortgage broker can guide you on these next steps, be it refinancing or applying for a new mortgage.
Working with brokers will help you navigate the world of home financing smoothly and without stress. Best of all, as professionals, brokers recognize that every borrower has different financial circumstances and needs, so they’re well-versed in helping prospective buyers determine a budget that works for them.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases
I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.
My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!
Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.
…by providing award winning customer service to each and every single client.
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