A Guide To First-Time Home Buyer Programs

First-Time Home Buyer

When you decide to buy your first home, it can be stressful and exciting at the same time. With recent changes to Canadian lending regulations, including an increase in interest rates, it has become even more daunting to obtain a first-time home buyer mortgage in Scarborough. You will need to save enough funds for a down payment and closing costs. Additionally, you will need to do your due diligence on the mortgage application process and home loans.

Matrix Mortgage Global is a leading mortgage broker in Scarborough and offers a zero-down mortgage solution for our customers with stable income and excellent credit scores. We also understand that Self Employed and New Immigrant borrowers contribute largely to this leading group of buyers, that’s why Matrix Mortgage Global is helping Self Employed borrowers and Newcomers to Canada realize their home ownership dreams.

Important factors that will affect your home search as a first-time home buyer will include:

  • The area in Scarborough you would like to reside in
  • The size of the property and house
  • Amenities included in the property
  • Travel distance to and from your workplace
  • Needs vs wants
  • Is it a new construction or a resale house

Helping you invest in a significant asset

One of the most exciting feelings is having a house to call your own. It is easily one of the most fulfilling experiences in an individual’s life. An own house builds instant equity and can be later used to make payments such as post-secondary education etc. One of the most crucial steps in the home buying process is to identify a mortgage, including determining how much money the lender will be willing to provide towards your home mortgage. You must speak to a mortgage broker. They have the knowledge and experience to assist you in finding what mortgage best suits your needs, credit score and finance. Keep in mind when you decide to meet a mortgage broker, you must have a clear idea of what home you are looking for. A professional tip, plan for the home you need to suit your lifestyle today and not what you want in a few years.

Various government incentives for first-time home buyers

For first-time home buyers, various federal government incentives will help you in owning your first home. Below-mentioned is some of the government incentives:

  1.  Land tax-transfer rebates for first-time buyers- You will be eligible for a land tax refund of a maximum of $2,000
  2.  Home buyers plan– You may withdraw funds up to the value of $25,000 which is tax-free from your RRSP to use for the purchase of your first home. Over time, you will need to pay back this amount.
  3.  First-time home buyer tax credit– Maximum of up to $5,000; non-refundable tax credit along with the closing costs of your first house. The amount can be claimed on your annual tax return.

How much money can a first-time buyer in Scarborough afford?

To purchase their home, first-time buyers need to maintain or have a certain amount. This amount will be determined with your pre-approval. Additionally, you will also need to ensure that you will be able to make your monthly payments without straining your budget. Our team of certified mortgage brokers will help you decide. You can also ask any financial questions and we will be more than happy to answer them.

Helping you make the right decision

There are several processes involved when you purchase your first home. It is crucial to have an expert like ABC Mortgages by your side to lead you all the way. We will explain every detail and answer every question, ensuring you make a well-informed decision. Schedule an appointment with our team today for a first-time buyer mortgage in Scarborough.

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