- Mortgage Agent Level 1
- License #: M22001766
We lead you to your (first) home
Are you trying to find your first house? It’s not just you! Working with our knowledgeable first-time home buyer brokers in Ontario, Canada, can ease financial strains and streamline the transfer to a new chapter while keeping budgetary constraints and homeownersh12ip objectives in mind.
Haris Paracha of HP Financial can help first-time home buyers in Ontario with every step of the mortgage process, from filling out paperwork to selecting the best mortgage program. Our goal is to assist first-time homebuyers in locating relevant incentives, programs, and deals so they may make an educated selection and ultimately purchase the property of their dreams.
You may streamline the process of finding the best mortgage option for your needs and budget by collaborating with a qualified and fully registered mortgage broker. If you have any queries, need any clarification on terminology, or would like to learn more about the mortgage options offered by lenders today, our team is more than pleased to help. In addition, when you choose a first-time home buyer mortgage broker, you’ll have access to a licensed expert who is well-versed in the market and can assist you with applying for pre-approval, making use of their relationships with lenders, and negotiating the most favourable terms and conditions.
To provide you with more perspective, let us help you with:
You can rest assured that our team will keep you informed every step of the way while we coordinate with the many specialists involved in a house acquisition, including insurance companies, inspectors, attorneys, and lenders.
First-time homebuyers receive additional incentives. First-time homebuyers in Canada receive tax benefits, rebates, subsidies, and programs. People selling their home and buying a new one may also benefit.
First-time homebuyers in Ontario can use several tax relief options to help with home purchasing costs.
First-time homebuyers in Ontario, Canada, can use their RRSP savings for a down payment under the RRSP Home Buyers' Plan. You can withdraw $35,000 from your RRSPs for a down payment, which must be repaid within 15 years. You also risk cannibalizing your savings, which increases retirement financial stress. Consider the benefits and downsides, investigate this option, and contact us to discuss it.
When selling a Canadian-built home, GST or HST is added. The GST/HST new housing rebate partially reimburses federal or provincial taxes. Refunds are only available for new housing, home renovations, and land-owned house construction. There is a refund for brand-new homes that anyone, not just first-time buyers, can use.
First-time homebuyers in Ontario save on mortgage payments with this incentive. It pays 5% or 10% of the property's cost, which the homeowner must repay within 25 years. First-time buyers who take advantage of this incentive will save a lot when their mortgage is paid off. Remember to review the qualifying requirements beforehand, as they can be strict. Contact our first-time home buyer broker.
Each program for first-time home buyers in Ontario, Canada, comes with its own set of requirements and guidelines. In order to utilize it, you have to meet the requirements, which are identical across programs in terms of age, citizenship status, and other things. Examples of such programs are the RRSP Home Buyer’s Plan and the First Time Home Buyers’ Tax Credit, both of which have similar criteria:
Acquiring this knowledge will put you in a better position to take the necessary actions to gradually enhance your credit.
To qualify, you must meet these criteria:
Meeting these conditions makes you eligible for tax credits and rebates.
The amount you need for a down payment depends on your home’s purchase price:
If your down payment is less than 20%, you must get mortgage default insurance (CMHC insurance).
Start by talking to our first-time home buyer broker. Our job is to assist you throughout. To guarantee you are ready to become a homeowner, prequalify your application. Based on our combined efforts, we can help you narrow your home prospect focus by understanding your purchasing power.
The definition of a first-time home buyer may vary per program. For example, the first-time homebuyer incentive requires only one applicant to be a first-time homebuyer in Ontario. The home purchaser plan considers first-time home buyers who haven’t purchased a home in four years. The land transfer tax refund applies to first-time homebuyers who have never owned a house anywhere.
You should be pre-approved before house hunting. A pre-approval will tell you how much home you can afford and your interest rate and show real estate agents and sellers that you’re serious.
