Don't Get Spooked!
Whether you’re currently in the process of looking for your first home, or have just started to think about it, I have some first-time homebuyer tips to help make your journey as easy as possible!
Get Pre-Approved
Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!). Make sure to ask exactly how long your pre-approval is good for!
Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!
Using my MCC Home Centre App can help you get pre-qualified as part of your pre-approval – right from your mobile phone! In addition, this incredible tool can help you calculate your closing costs and even your potential monthly mortgage payments.
Maintain Your Credit
Utilize Your RRSPs
Did you know? The Home Buyer’s Plan allows you to utilize up to $35,000 from your RRSP and put it towards a down payment on a new home, which you can repay over a 15-year period. You must be a first-time home buyer to qualify.
Take Advantage of Government Programs
There are various government programs in place that provide some financial relief in the form of rebates and tax refunds, including:
First-Time Home Buyer (FTHB) Tax Credit
First-time home owners would get a credit of $1,500 if you qualify. Learn more.
First Time Home Buyer Incentive
The government will cover 5% of the purchase price on a resale home or up to 10% on a newly constructed home, if you qualify. Learn more.
GST/HST New Housing Rebate
You may qualify for a rebate for some of the GST or HST paid on the purchase price or cost of building your new house. Learn more.
There are various government programs in place that provide some financial relief in the form of rebates and tax refunds, including:
Contact Me for Expert Advice!
Before you get started on your homebuying journey, make sure to reach out to me for expert advice on choosing the right mortgage options, determining your budget, getting your pre-approval, and more!
Tim Ward, Collingwood Mortgage Broker.
