First-Time Home Buyer
If you have been renting for many years, you may be considering purchasing a home for the first time. You have sacrificed to save up for your down payment, but now you’re ready to buy. Buying a home can be exciting and scary, and is likely the largest purchase you will make in your lifetime. This is why it is so important to get the right advice from the start.
Whether buying your home on your own, with a spouse, or with family, I will take the time to explain the process of the mortgage application, make certain you understand the mortgage product you are receiving, and make you aware of the resources available to you.
As a first time buyer, there are a few things you should be aware of.
The government has a RRSP Home Buyer’s Plan which allows you to access your funds in your RRSP account to use towards your downpayment and closing costs.
The government also has a First-Time Buyer Land Transfer Tax Rebate which allows eligible buyers an opportunity to recover some or all of the costs.
As a quick note on how down payments are calculated, please see below example.
Down payment Rules:
- 5% down payment required on first $500,000
- 10% down payment required for any amount over $500,000
Example:
$700,000 home
5% on $500,000 = $25,000
10% on $200,000 = $10,000
Total down payment = $35,000
Call me today to begin the move towards owning your first home!
Meghan Van Houten – Mortgage Agent
416-709-9062
[email protected]
Mountainview Mortgages
5038 Fairview Street, Burlington, ON L7L 0B4
Independently owned and operated
Lic# 12568
