First time home buyers often have many questions about the process of getting a mortgage. They are also usually unaware that there are options outside of traditional banks for obtaining a mortgage. They may have never even heard of a mortgage broker and therefore be unaware that we have access to many lenders, while traditional banks deal only with their own product.
You will need at least 5% of the purchase price?
Yes, you can receive a gift donation that must come from a blood relative. It must be a gift, meaning the donor does not expect to be paid back.
You must be able to show 3 months history of the funds being in an account owned by you. This can be a savings, chequing, TFSA or RRSP account.
Yes, depending on the type of investment held in the TFSA. Typically, funds can be withdrawn from a TFSA at any time.
First time home buyers may be eligible for a rebate on the land transfer tax of up to $4,000.00.
If you would like to calculate the land transfer tax on a purchase you can use this tool.
The limit for home buying purposes is $35,000 per person. When using the RRSP funds to buy a house or condo, your spouse can also withdraw up to the $35,000 limit, if they qualify.
You may be eligible for a rebate of up to $24,000 of the provincial portion ( 8% ) of the HST. If you have questions about the HST rebate, it is best if you contact the Canada Revenue Agency.
If you have questions or need information on our services and how we can help you, click below to contact us and we’ll get back to you ASAP.