First Time Home Buyer Information. 5 Tips to purchase a home

• When you qualify for mortgage that can be CMHC insured, you need 5% down of your own or gifted money up to $500,000 purchase price. click on low down payment mortgage to get details,

• Any portion of purchase price over $500,000, 10% down payment is required,

• CMHC and Genworth provide mortgage loan insurance in Canada to help you buy a home sooner with a small down payment.

Know your first time home buyers credit score 

First time home buyer info:  Know your credit score ranking:  your first time home buyer credit score and history is important. With good credit you’ll get your first time home loan from the best mortgage lenders at the best interest rates and contract. 

If your credit score is low when getting your first time home owner loan, you should take steps to improve credit score before you apply for a mortgage. Most lenders use Equifax Canada credit reports and score to evaluate applicant's credit worthiness. You can get your Equifax credit score by contacting Equifax Canada to get your free credit report.

If you have no credit or have bad credit you'll need a secured visa to build your credit first.

down payment First time home buyer info

First time home buyer information:  down payment for your first time home buyers mortgage can come from several sources.

• Your own savings;
• Up to $35,000 per person RSP withdrawal;
• Gift from parents or grandparents.

what about first-time home buyer programs

First time home buyer information:  take advantage of first-time home buyer programs wherever you can. Canada Mortgage and Housing Corporation is your resource for first time home buyer incentives or other government program updates.

• The Canadian Home Buyers Plan allows to use your RSP as down payment to buy your first home -- up to $35,000 each applicant and up to $70,000 combined for a couple.

• Funds for first time home buyers mortgage must have been deposited into your RSP at least 90 days prior to withdrawal. You have to begin repaying two years after the money is withdrawn – you have 15 years to repay the full amount.

• With the first time home owner loans you get up to $4,000 Land Transfer Tax rebate, depending on your home purchase price. This is done on closing when your lawyer registers the ownership of your new home.

Get a mortgage pre-approval

Buying a home is one of the biggest financial and lifestyle decisions you will make so be sure to plan ahead – think about what you really need and what you can afford.

Don’t jump into home ownership before getting your first time home buyer mortgage pre-approval. It’s the best way to budget and assess your ability to afford your first home.

A pre-approval will simplify the buying process and take some of the pressure off your shoulders. It puts you in a strong bargaining position when you make an Offer to Purchase because the Seller knows that you a serious buyer.

Most real estate professionals want the first time home owner to have pre-approved financing in place before they take you out looking for a home.

This is so that they can show you properties within your price range. You’ll know exactly how much money you can afford to buy a home, the interest rate, monthly payments and other details.

Understand your cost of home ownership

#5 First time home buyer info:  if you are a first time home buyer Hamilton or Ontario wide, don’t rush into the market without solid first time home buyer info and home buyers advice.

Know about your closing costs

You will need additional 1.5% of purchase price for closing costs to cover expenses such as:

• appraisal or inspection fees,
• legal fees to close on your purchase,
• land transfer taxes from the previous owners to you,
• property taxes that need to be adjusted if the sellers have already paid for the year,
• property insurance,
• moving costs and,
• utility hook-ups, such as your hydro or gas.

Don’t forget the home inspection – if you do, you may end up with serious structural problems, plumbing and electrical nightmares, cracks, mold and more – these could cost you a fortune if missed.

So here you have it – if you’re dreaming about becoming a first time home owner then give me a call. I will give you first time home buyer information (from A - Z) and take you through the home buying process checklist.

If you're Hamilton first time home buyer and need other services such as a realtor or lawyer -- I can help you with these referrals too.

Marie Copeland FSU, Mortgage Brokers Hamilton and Ontario giving you mortgage loan help with a first time home buyers mortgage.

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*Lenders change their products and interest rates regularly and without notice. Always check for lender updates.

Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients. 

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