Smart buyers go to a mortgage agent prior to a realtor!
Whether upgrading to a new home, purchasing an investment property, or you are a first time buyer, mortgage financing is possible for different credit types. Good & bad credit mortgage solutions are offered by many lenders in my network. As a mortgage agent, I have the advantage of processing your mortgage with numerous lenders to obtain the most competitive interest rate and approval terms, with a single credit check, therefore preserving your credit score.
Buying a home is a major life investment, and many fear the process. Do not be deterred. With the right mortgage, home ownership is designed to earn you money while paying off the principle on your home. I will find a borrowing rate that best suits your life and earns you the most equity possible. You are ready!
I assist homebuyers through every step of the mortgage process:
RRSP Home Buyers' Plan (Tax-Free for First-Time Buyers)
One great source of funding for your mortgage down payment is a Registered Retirement Savings Plan (RRSP). The Canadian government's Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $25,000 from your RRSP for a down payment, tax-free. However, since the HBP is considered a loan, it must be repaid within 15 years.
If both you and your spouse (or common-law partner) meet the first-time homebuyer eligibility requirements, each of you can withdraw up to $25,000 from your RRSPs for a total of $50,000.
If only you qualify as a first-time homebuyer, you will still be able to withdraw the $25,000, provided you have not lived in, as your primary residence, a house owned by your spouse or common-law partner.
If you make a withdrawal from your RRSP, but do not meet the first-time homebuyer eligibility requirements, this withdrawal will be taxed and you must include it in your income tax statement as taxable income.
Land Transfer Tax Rebate (for First-Time Buyers)
In some provinces and cities, there is a rebate available to help first-time homebuyers offset the cost of their land transfer tax. First-time homebuyers in Ontario can qualify for a rebate equal to the full amount of their land transfer tax, up to a maximum of $4,000. Please use the Land Transfer Tax Calculator (select your Province and City). After the calculation is done, check the "I am a first-time home buyer" check box to see the difference.
First-time homebuyers in who live in the City of Toronto can also qualify for a rebate up to a maximum of $3,725. The Toronto rebate can be claimed in addition to the Ontario rebate.
If you qualify, your real estate lawyer will help you file the necessary paperwork. You can either file for your land transfer tax rebate electronically, or download the Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes here. For more information, visit the Land Transfer Tax Refund for First-Time Homebuyers website.
If you qualify, your real estate lawyer will claim the rebate electronically through Teraview when he/she registers your transfer/deed. For more information, visit the Municipal Land Transfer Tax Rebate website.
Tax Credit (for First-Time Buyers)
The First-time Home Buyers' Tax Credit was introduced as part of 'Canada's Economic Action Plan' to assist Canadians in purchasing their first home. It is designed to help recover closing costs such as legal expenses, inspections, and land transfer taxes, so you can save more for money for a down payment.
The Home Buyers' Tax Credit, at current taxation rates, works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable. In addition, the home you purchase must be a 'qualified' home. If you are purchasing a home with a spouse, partner or friend, the combined claim cannot exceed $750.
To receive your $750 claim, you must include it with your personal tax return under line 369.
Once you are interested in obtaining a mortgage, then you most likely will also be interested in the help of an experienced real estate agent: