First Time Buyers
I'm ready to help you create a budget that fits your finances and your lifestyle.
Take advantage of market conditions to buy your first home
Many potential home buyers are asking themselves questions like this one.
“Mortgage rates may be increasing and we may not qualify in the future. If we don’t buy a house now, I don’t think we’ll ever be able to afford one. Is it worth postponing the wedding if it means we can get a house now?”
Welcome to Home Ownership
Buying your first home is one of the biggest decisions you'll ever make.
Paying rent doesn’t invest in your future. Its important to set goals and make plans early. Owning in a home, may help you reach your personal and financial goals sooner.
This may mean putting short-term plans on hold to prioritize buying a home, and possibly reaching out to Mom and Dad for help with the down payment.
Today’s interest rates combined with a slower housing market make this the ideal time to take the plunge.
You want to make sure you buy a home that you can afford, and with the right advice, you can be ready to take advantage of the market.
I'm ready to help you create a budget that fits your finances and your lifestyle.
First Time Buyers Centre
AFTER OUR COMPANY HAS DEALT WITH THOUSANDS OF FIRST TIME BUYERS OVER THE PAST 25 YEARS, WE HAVE FOUND ONE COMMON CONCERN THAT MOST FIRST TIME BUYERS SHARE.
They find the process very overwhelming!
They use words and phrases like the ones below:
• Information overload
• Intimidating
• Completely blind
• Pressure
• Hidden costs
• Abundance of questions
• Emotionally stressful
• Ignorant of the home buying process
• Little knowledge
• Sleepless nights
• Different options
Our mission is to help you through this process, trying to make sure that you do not experience the emotions listed above.
In a lot of cases, we are teachers, explaining and coaching you through the mortgage process. This takes time, and since we are consultants and not sales people, we have the time to do this.
Here's some good things to know.....
Mortgage Loan Insurance:
Under the provisions of the National Housing Act, lending institutions cannot provide first mortgage financing in excess of 80% of the purchase price/appraised value of a home unless the mortgage is insured against default
Lenders feel confident about making loans for up to 95% of the value of the property when borrowers qualify for and purchase mortgage loan insurance. An insurer of mortgage loans, such as CMHC, Genworth, or Canada Guaranty reduces the lender’s/investor’s risk of lending money to homebuyers.
Homebuyers who require mortgage loan insurance obtain it through the lender as part of the process of taking out a mortgage.
Federal Budget April 2024
The Canada Home Buyers Plan
Home Buyers’ Plan allows first time buyers to retain savings, have a downpayment and get a tax refund. The Home Buyers’ Plan allows singles or couples to withdraw up to $60,000, without penalty, from an RRSP when used towards the purchase of a first home. The withdrawal has to be paid back within 15 years from the date of withdrawal. However, first time home buyers will have up to five years to start paying it back.
The program has advantages and disadvantages, but it rates as one of the best ways to get that first home sooner.
Pros/Cons of the Home Buyers’ Plan
Few things in life are free and the withdrawn amount must be repaid in incremental amounts over 15 years. The repayments start a couple of years after the purchase date of the home.
While the money is outside the RRSP it is not earning interest. Weighed against that, however, is the consideration that the value of the home is most likely increasing and the higher your down payment, the lower your mortgage payment.
For more info: please visit http://www.cra-arc.gc.ca/hbp/
Land Transfer Tax Refund for First-Time Homebuyers
When you buy land or an interest in land in Ontario, you pay land transfer tax.
First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax.
Canada’s new Tax-Free First Home Savings Account
Save up to $8000 annually up to a maximum of $40,000 and use it towards your down payment on your first house, TAX FREE!
Read my blog for further details. https://barriemortgagelocators.com/canadas-new-tax-free-first-home-savings-account
Do I qualify?
To get a refund of land transfer tax, you:
• must be at least 18 years old
• must occupy the home as your principal residence within nine months of the date of transfer
• cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world,
• if you entered into an agreement of purchase and sale before December 14, 2007, the eligible home must be newly constructed and you must be eligible for the Tarion New Home Warranty.
If you have a spouse, your spouse cannot have owned an eligible home, or an interest in an eligible home, anywhere in the world while being your spouse. You must apply for a refund within 18 months after the date of the transfer.
Simcoe County Home Ownership Program
The Homeownership Program aims to assist low-to-moderate income renter households, in Simcoe County, to purchase an affordable home by providing 10% down payment assistance in the form of a forgivable loan.
The Program provides renter households with the opportunity to move to homeownership thereby freeing up rental units, encouraging developers to build affordable housing and fostering demand.
For more info on this program, please visit http://www.simcoe.ca/homeownership
And most importantly, visit me for your free no obligation mortgage preapproval!
It's Easy to Get Started!
Whether you are buying your very first home, upsizing, downsizing, or refinancing, I can find the right fit for your unique financial situation.
