FIRST TIME BUYER
December 9, 2014 | Posted by: Dennis Street
GET OFF ON THE RIGHT FOOT IN YOUR HOME BUYING JOURNEY. If you are a #firsttimehomebuyer, getting professional mortgage advice is a great place to start. I specialize in the kind of education that can help get new homebuyers off to a great start! Although mortgage debt is ‘smart’ debt, buying your first home is a huge financial decision and there is a lot to think about. It’s one of the most important financial decisions that most Canadians will make in their lifetime. You want to take advantage of today’s low rate environment but it can be overwhelming to sort through all of the options out there. As your Mortgage Consultant will help get you the right combination of mortgage features, privileges and rate that is best matched to your needs. The right mortgage goes beyond just the rate–it’s important to also consider term, prepayment options, refinancing penalties, restrictions, and fees.Determine what you can afford. Before you start shopping for a home – and long before you consider putting an offer on one – let me 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 at utility bills, insurance, taxes, home upkeep. Be sure to talk to me about getting pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.
Downpayment options. Downpayment is one of your most important considerations before you look to purchase your new home. If you’re in the “saving up” stage of preparing for home ownership, this is a great time to meet with us so we can discuss your downpayment options. In most cases you want to save five percent of the purchase price.
There are a few options to consider for first-time homebuyers who may have smaller amounts to start:The Home Buyers’ Plan (HBP) – first-time homebuyers can withdraw individually $25,000 or $50,000 with a spouse tax-free from their RRSPs, provided they adhere to the repayment plan.Gifted downpayment from an immediate family member – can be a source of funds as long as the homebuyer receives in writing that they are not required to pay the money back at any time.There’s so much to consider. Work with me today so you can get into the market and start your wealth building with smart debt! I'll help you get off on the right foot in your home buying journey.
I look forward to helping you achieve your dream of homeownership! CALL ME 289-240-8381