First Time Home Buyer Mortgage in Whitby and Scarborough
One of life’s greatest achievements for many individuals is to own a house. By investing in property, you will not only be investing in your future, but it will also be an investment that will likely, over time, increase in value. If you are looking for a first-time home buyer mortgage in Whitby or Scarborough, get in touch with our mortgage brokers at ABC Mortgages to help you get started on the journey of becoming a homeowner. We are a leading mortgage broker in Scarborough and offer zero-down mortgage solutions for our clients with stable incomes and excellent credit scores.
First-time home buyer mortgage in Whitby and Scarborough
Programs for first-time buyer mortgages in Whitby and Scarborough
Below-mentioned is some of the first-time homebuyer programs that Canadian citizens should be aware of:
Registered Retirement Savings Plan (RRSP) home buyer plan
If you have not purchased a house in the last four years, you are eligible for the RRSP home buyers’ plan. This plan enables individuals to borrow up to $35,000 tax-free from your RRSP to fund their down payment. Bear in mind the money taken from your RRSP to purchase the home must be in your RRSP for a minimum of ninety days.
Land transfer tax rebate
When you purchase a house, a few Canadian provinces charge individuals a land transfer tax. It is generally between 0.5% and 2% of the property’s purchase price. Additionally, it also represents the closing costs that you will have to pay. In a bid to help first-time homebuyers, provinces rebate a portion or all of the tax if you are eligible.
First-time home buyer tax credit
It was introduced in the 2009 federal budget. This tax credit allows first-time home buyers’ the chance to recover some of the costs associated with their purchase. It also helps offset inspections, closing costs and legal fees. This program is a non-refundable credit and is valued at $750.
GST/HST new housing rebate
This program offers Canadian citizens money back for those who have built a new home or renovate/remodel an existing home. In all these cases, a person will incur GST/HST on their purchase.
The down payment is the most important thing for first-time home buyer’ to think about when purchasing a house. In Canada, a person must place a minimum of 5% as a down payment for a home that is valued at less than $500,000. If the value of the property purchased is between $500,000 and $1 million, they will be required to place a down payment of 10%, and for homes valued more than $1 million, the minimum down payment is 20%.
Get your first mortgage application without any hassle.
It can be both nervous and exciting to buy a house for the very first time. It means you have already achieved some semblance of stability in your life and are ready to make a life-changing investment. At ABC Mortgages, our professional and experienced mortgage brokers will work towards ensuring your mortgage application process will be as straightforward and hassle-free as possible. With a wealth of experience in the mortgage industry, we partner with some of Whitby’s reliable mortgage brokers. We strive towards providing a service that is superior and reasonably priced for our clients. We guarantee you won’t find rates like these anywhere else.
Please do not hesitate to reach out to our team today for a first-time home buyer mortgage in Whitby and Scarborough.