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First Time Home Buyers

Advice you will…

  • Everyone you know is suddenly an expert on purchasing YOUR first home
  • Everyone will have an opinion on what they think YOU can afford and should purchase
  • Go with your gut and rely on advice from real experts you TRUST….
You, and only you, have to be responsible for this purchase, so prepare yourself with what you need to do to make it a reality…
Canada Mortgage Housing
Corporation is a crown
corporation ..
When you buy a home in Canada
we are fortunate enough to be
able to put as little as 5% down.
CMHC what we call default
insurance and protects the
banks mortgage loan ..
What is CMHC Mortgage Insurance?
There is also competition
for CMHC as there are three
mortgage default
insurance providers ..
Each mortgage lender will set
with their investors and look
at all the products available ..
The insurance premiums
that are being charged for
purchases ..
See scaling Chart for Purchases on traditional lending programs :
Its important to know that default insurance is there only to protect the bank and not the client. The client is responsible to pay for it. You need a min of 20% down payment to avoid it unless you are getting into a specialized product such as self employed or stated income.
There are three types of mortgages in Canada :
Insured mortgages
Insured mortgages have the lowest mortgage rate options.
Insurable mortgages
Insurable mortgages are when you have been able to meet the 20% down on traditional lending…
Non insurable mortgages
Non insurable mortgages resulted in January 2018 when the Federal Government…
List of mortgage types not eligible for default insurance :
This is why its is so important to call the Wilson Team Ottawa Mortgage Brokers because these are all very complicated and each lender has as many as 15 interest rates based on the above information. They are support different documents, property types, risk assessments, rates, products and options. When you hire a mortgage broker then you are securing your best interest and making sure they look at the entire market on yoru behalf.
Purchased of Propertys over 1 million dollars
Non owner occupied single unit rental properties
Refinances
( when you replace and exsiting loan for a new mortgage amount or you may not have a mortgage on your home but you want to put one on )
Amortizations over 25 years
First Time Home Buyer Incentives
Home Buyer Incentive Share Equity Program
The first-time buyer incentive is a federal government shared equity program designed to reduce mortgage payments for qualifying first-time buyers
RRSP Withdrawal As Down Payment: $35,000
The Home Buyers Plan allows first-time home buyers to withdraw up to $25,000 PER BUYER, from an RRSP to purchase a home without having to pay tax on the withdrawal.
First Time Home Buyers’ Tax Credit: $750.00
Through Canada’s Economic Action Plan, the federal government has introduced a First-Time Home Buyers’ Tax Credit (HBTC)…
Green House Program
Homeowners purchasing a qualifying energy-efficient home with an insured mortgage are eligible for up to a 25% mortgage insurance premium refund…
GST/HST New Housing Rebate
If you are purchasing a new construction home or performing substantial renovations to an existing home…
Ontario Land Transfer Tax: $4,000
Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser of a property. Therefore, if you purchase a property or land you are responsible for paying…
For more information contact The Wilson Team or call 613-695-9250

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