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Posted by Lavinia Woodburn on 03/27/2016

First-Time Buyers

First-Time Buyers

Buying a home is one of the most important financial decisions most Canadians will make in their lifetime.  Whether you are a first-time buyer or moving on to a second home, home ownership is a huge financial decision which comes with a lot of options and decisions to think about.   Our expert team of mortgage professionals will provide you with the expert advice needed to make informative decisions and to make the most out of your investment

Before buying your first home you need to consider the following:

  • Get pre-approved  -  Be sure to talk to us about getting pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.
  • Find out how much you can afford  -  Before you start shopping for a home, let us help you determine how much home you can comfortably afford. Having a realistic budget to start will bring you confidence, knowing that you are not overextending yourself.  Remember that home ownership involves costs beyond the monthly mortgage payment such as utility bills, insurance, taxes, home maintenance.
  • Choose the right mortgage  -  The right mortgage goes beyond just the rate, it’s important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.
  • Build a team of professionals -  We’d be happy to help you build a strong away team so that all aspects of your home buying experience are efficient and professional. Your team will include a realtor, lawyer, and a home inspector.
  • Plan for closing costs  -  There are additional costs that come with buying a home so you’ll need to have some extra funds set aside to cover these costs. Generally, you can expect to pay between 1.5% and 4% of the home’s selling price in total. 

There are a number government programs available to home buyers, including:

  • First-time home buyers' credit 

  • RRSP home buyers' plan (HBP)

  • 5% down payment program

  • HST new housing rebate

  • Land transfer tax rebates

Check out our easy to download PDF resource sheets loaded with great information and user-friendly worksheets for homebuyers. Feel free to print off a copy of each for future reference.

Our team of experts look forward to helping you achieve your dream of homeownership!  For more information contact The Mortgage Queen at 647-899-7377 or email us at info@MortgageQueen.ca

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