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Pre-Approvals and First Time Home Buyers
A CCM Solutions Mortgage Agent can make buying your first home, and getting your first mortgage, easier by helping you through each of the following steps.
- How much deposit will I need?
- How do I arrange the first time home buyer incentives?
- What are all the costs of buying?
- How much can I borrow for my first Home?
- How much will my payments be?
- Finding a first time home buyers Mortgage!
1. How much deposit will I need for my first mortgage? Usually you only need around 5% to 10% of the property's value saved as a deposit, but some lenders also like to see three to six months regular saving history. Your CCM Solutions Mortgage Agent can work out exactly how much deposit you will need.
2. How do I arrange the first home buyer incentives? The Government of Canada offers generous incentives to first home buyers. Your CCM Solutions Mortgage Agent can advise you on what they are. Check the relevant websites for further information or talk to your CCM Solutions Mortgage Agent.
- (First-Time Home Buyers' Tax Credit (HBTC)
- (Land Transfer Tax Incentive) http://www.rev.gov.on.ca/en/refund/newhome
- (Home Buyers Plan HBP) http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
3. What are all the costs of buying? Your costs of buying and financing your first home include:
- Lender's Mortgage application fees
- Possibly mortgage insurance if you are borrowing more than 80% of the property value
- Closing costs such as legal fees, title insurance and land transfer tax.
- Your own costs such as appraisal and inspection costs.
4. How much can I borrow for my first home? How much you can borrow depends on how much deposit you have saved and your current income. With our specialist software, your CCM Solutions Mortgage Agent can work out quickly and easily approximately how much you can borrow. If you’re anxious to get an indication now, use our “maximum mortgage” calculator.
5. How much will my payments be? Once you have chosen your mortgage, your CCM Solutions Mortgage Agent will tell you how much your repayments will be. Use our “payment analyzer” calculator to get started now.
6. Finding your first home Mortgage! Generally, a minimum 5 year fixed rate mortgage at the lowest possible rate is the ultimate goal. A mortgage without the costly "extras" are best suited to first time home buyers. They keep your payments consistent for the term giving you piece of mind. Your CCM Solutions Mortgage Agent can help you choose a mortgage that is right for you, without all the running around. If you’re keen to get started now, request a copy of our handy home buying guide on the different types of mortgages available. Check with your CCM Solutions Mortgage Agent whether you qualify for a Preferred package which can offer great value and discounted rates. If you’re concerned about what would happen if interest rates were to rise, but want the flexibility to make extra payments please contact a CCM Solutions Mortgage Agent and get the free professional advice you deserve.
What's Next ?
Call to review your mortgage strategy
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*Subject to approved credit, income verification and meeting lending credit granting criterea. Applies to residential mortgages only and some conditions may apply. O.A.C., E.O.E All content is subject to change without notice.