First-Time Home Buyers

First-Time Home Buyers

We understand how overwhelming and confusing some things might seem when you are in the process of purchasing your first home. Don't worry! We are here to held your hand throughout the whole home buying process. There are various programs and tax rebates available for the first-time home owners. We also cooperate with professional Mortgage and Insurance specialists who we could refer you to, and they will help to answer all related questions and help you with Mortgage pre-approval before you head on the journey of finding a new home.

Mortgage pre-approval - Before you start hunting for a new home, it is a good idea to get your Mortgage pre-approval. This will save you lots of time by seeing only homes that you can afford. Also, it will show the sellers and their representative that you are a serious buyer and it will benefit in negotiations process. As well, you may lock the interest rate for 120 days if you pre-approve your Mortgage.

Downpayment - The more you put down, the better it looks for the seller, as you are showing that you are a serious buyer, as well as it will lower your mortgage monthly payments in the long run. Minimum downpayment is 5%, however it increases with the price of the home you wish to purchase. In case you do not have a down payment, you may qualify for a RRSP Home Buyers Plan which will allow you to borrow up to $25,000 tax-free from your RRSP to fund your down payment. Money must be in your RRSP at least 90 days before the purchase of your house and you must start repaying the amount borrowed from the RRSP two years after you buy over a 15-year period. More information could be found here: here

Land Transfer Tax Rebate (LTTR ) - When you purchase land or an interest in land in Ontario, you must pay land transfer tax. First-time homebuyers may be eligible for a refund of all or part of the LTT. For more information please visit: https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

First Time Home Buyers Tax Credit (HBTC) - This credit, introduced in the 2009 federal budget, allows first-time buyers in Canada the opportunity to recuperate some of the expenses associated with their purchase. You can claim $5,000 for the purchase of a qualifying home. For more information and eligibility requirements, please visit here

GST/HST New Housing Rebate - If you wish to purchase a newly built home, significantly renovate an existing home, or rebuild a home that was destroyed due to fire, you may be eligible for a rebate on GST portion. For more information, please visit here

No HST on Purchase of re-sale home - you do not have to pay HST if you are purchasing a re-sale home.

Other Expenses - Some of the other cost to consider are the closing costs, legal fees (title search), home inspection, home insurance, mortgage insurance, moving costs ect. You need to make sure you plan your expenses as much as possible.

Good News! - It is absolutely at no cost for you to let me help you find a new home and do all the paperwork required. All our expenses are payed by the seller.