First-Time Homebuyer Mortgage
Want to buy your first home but don’t have financing? Everything Mortgages is here to assist you with the process and identify the most suitable mortgage options for your needs.
Get A Free Consultation
Want to buy your first home but don’t have financing? Everything Mortgages is here to assist you with the process and identify the most suitable mortgage options for your needs.
Get A Free Consultation
About
The Challenge
Benefits
Our Solution
Services Offered
Why Choose Us
How to Get Started
Media
Mortgage Calculator
Easy to use Canadian Mortgage Calculator jam-packed with awesome features.
Try This ToolYou can access different loans, such as fixed and variable-rate mortgages, as well as loans provided by the government.
5% for homes under $500,000, a combination of 5% and 10% for homes between $500,000 and $1 million, and 20% for homes above $1 million is the minimum down payment required for your property.
The required credit score for first-time homebuyers is above 620, though this may differ based on the lender’s requirements.
The cost may include appraisal fees, inspection fees, legal fees, and other expenses which can count for 2 to 5% of the home’s loan amount.
The programs can include the Home Buyer’s Plan, the Tax-Free Home Savings Account (FHSA), tax credits, and other provincial programs.
Yes, several grants and programs help first-time homeowners with their down payment. You may find and apply for these programs with our assistance.
Tax returns, pay stubs, and bank statements are the primary paperwork needed.
On average, it takes about 7-10 days.
Some common mistakes are looking for homes before applying for a mortgage, not checking your credit score, speaking with only one lender, choosing the wrong type of mortgage, ignoring additional fees, not applying for pre-approval, not comparing rates, missing assistance programs, etc. With us, you’ll have more peace of mind that someone has already considered all the essential steps needed for first-time homebuyer mortgages.
Common resources are financial advisers, professional mortgage brokers like Everything Mortgages, online mortgage calculators, and workshops on homebuyer education.
About
Buying your first home is an exciting but often complex process. You want to have your dream home and enjoy each moment spent there, but you may need financing. This is when a first-time homebuyer mortgage can be beneficial. These mortgages frequently offer low down payments and competitive interest rates. They may also include initiatives designed to lower your housing costs.
Seeking expert assistance is a wise decision since selecting the correct mortgage can be difficult. At every stage, Everything Mortgages can support you. We’ll address any of your concerns and provide transparent explanations. Additionally, we’ll shop around to get you the greatest mortgage rate. We aim to ensure a seamless and prosperous home-buying experience for you.
The Challenge
First-time homebuyers often face many challenges when getting a mortgage. One of the main challenges is choosing a mortgage type, whether it is a variable-rate, fixed-rate or government-backed loan. Another difficulty is saving a down payment and meeting credit score requirements. The latter is the main factor lenders look at when they want to understand your creditworthiness. Beyond that, first-time buyers should also navigate closing costs, such as inspection, legal services, etc. Also, determining and applying for government programs can be another complex step.
At Everything Mortgages, our main is to help you get a mortgage as a first-time homebuyer. We simplify the process by knowing very well all the challenges and we can help you locate and apply for programs and grants.
Benefits
You must provide proof of a consistent income to be approved for a first-time homebuyer mortgage. Recent pay stubs, tax returns, and even bank statements might be examples of this. We help you collect and arrange the required paperwork to guarantee a seamless application procedure.
Certain programs may have a minimum down payment requirement, but others may provide aid to lessen the financial strain. Our mortgage experts will help you manage your down payment and comprehend how it affects interest rates and your available mortgage alternatives.
Your interest rate may vary depending on your credit history and the size of your down payment. Our mortgage brokers work with several lenders to provide you with the best interest rates based on your individual circumstances.
Our Solution
The Income Tax Act specifies requirements that must be fulfilled to be eligible to purchase a property in Canada for the first time. One of these is residing in Canada at the time of your first house purchase fund withdrawal from a registered government plan. Furthermore, you cannot have owned a home (by yourself or with someone else) in the past 5 years (including this year). Homes that your common-law partner or spouse holds are likewise subject to this restriction.
If your common-law partnership or marriage dissolves, there is an exemption. If you have lived separately from your ex-partner for at least ninety days, you can reclaim your first-time homeowner status. This exemption does not apply if, during that time, you move into a new primary residence with a new spouse or common-law partner. We guide you through these prerequisites to make sure you fulfill all standards and maximize the advantages offered to first-time homeowners.
Services Offered
Our services for first-time homebuyers mortgage include:
First-Time Homebuyer Mortgage Calculators: Use our first-time homebuyer mortgage calculator and understand your monthly payments and make better decisions on exploring mortgage options.
Rate Negotiation: You can have peace of mind since the negotiation part is on us and we deal with different lenders to find a solution that fits best to you.
Pre-Approval Process: Before getting a mortgage, you can go for mortgage pre-approval to show the sellers and lenders that you are a serious homebuyer.
Down Payment Assistance: We can help you understand how much down payment you should put aside when buying a home for the first time.
Credit Assessment: We can help you check your credit score and suggest some steps to improve it and maintain a good score.
Closing Cost Management: We can help you understand all closing costs and will guide you on considering any further risks as well.
Assistance with Government Programs: We can help you get mortgage insurance and meet all requirements regarding government programs that give you financial assistance that is from 5 to 10% of the home purchase price.
Why Choose Us
We locate the ideal mortgage on your behalf. We pay attention to your objectives (such as reducing monthly expenses or saving money) and use your information to determine which loan would be ideal for you.
We have a group of competent and experienced mortgage brokers. This indicates that they have assisted hundreds of people in closing their mortgages with success. Our expertise goes beyond obtaining your first mortgage. Additionally, we may help you with renewals and make sure your mortgage term concludes with the greatest possible result.
Everything Mortgages has established trusting bonds with several lenders. We may now negotiate the greatest interest rates on your behalf because of our increased negotiating strength. Our knowledgeable brokers keep abreast of the most recent changes in mortgage rates and practices. This enables us to obtain the most affordable rates for your particular circumstance by using our expertise and negotiating abilities.
How to Get Started
Ready to take the first step toward securing a first-time homebuyer mortgage? Here’s how to get started:
1
You just use our online application to start your mortgage application process. As a first-time homebuyer, just tell us about your financial status and dream home, and we can guide you through the way.
2
Get all your documents ready, such as credit reports, income verification, tax returns, bank statements, etc. Worried? We are always here to check all your paperwork and provide information on what else you need.
3
Just talk with one of our friendly and professional mortgage brokers and get tailored advice regarding mortgage types, options available for you and steps to take for getting a first-time homebuyer mortgage.
Media
You can access different loans, such as fixed and variable-rate mortgages, as well as loans provided by the government.
5% for homes under $500,000, a combination of 5% and 10% for homes between $500,000 and $1 million, and 20% for homes above $1 million is the minimum down payment required for your property.
The required credit score for first-time homebuyers is above 620, though this may differ based on the lender’s requirements.
The cost may include appraisal fees, inspection fees, legal fees, and other expenses which can count for 2 to 5% of the home’s loan amount.
The programs can include the Home Buyer’s Plan, the Tax-Free Home Savings Account (FHSA), tax credits, and other provincial programs.
Yes, several grants and programs help first-time homeowners with their down payment. You may find and apply for these programs with our assistance.
Tax returns, pay stubs, and bank statements are the primary paperwork needed.
On average, it takes about 7-10 days.
Some common mistakes are looking for homes before applying for a mortgage, not checking your credit score, speaking with only one lender, choosing the wrong type of mortgage, ignoring additional fees, not applying for pre-approval, not comparing rates, missing assistance programs, etc. With us, you’ll have more peace of mind that someone has already considered all the essential steps needed for first-time homebuyer mortgages.
Common resources are financial advisers, professional mortgage brokers like Everything Mortgages, online mortgage calculators, and workshops on homebuyer education.
Amy Asadullah
Toronto, Ontario
A++++.
I had the pleasure of working with Manzeel at Everything Mortgages. After dealing with 2 other brokers, Manzeel made this purchase happen for me and my family. He has been professional, approachable and sincere. I couldn’t be happier and highly recommend him.
Hovig Tchaderian
Toronto, Ontario
I was extremely pleased with the service I received!! The communication from start to finish could not have been any better.
I would recommend the whole team for anyone that’s looking for a mortgage!!
Thanks again!
Sarah Paul
Toronto, Ontario
My experience with Everything Mortgages was excellent. My mortgage broker was very knowledgeable, professional, and personable. Also, the process was smooth and uncomplicated. I would recommend Everything Mortgages for any type of buyer, new or seasoned, residential or commercial.
Varun Kalia
Canada, Toronto
Manzeel and his team at Everything Mortgages are fantastic! Buying a house can be quite an ordeal but these guys made it stress free and painless. Not only did they take the time to answer all the questions I had but they were also respectful and diligent in keeping me informed through out the closing process. They were mindful of my time and worked around my schedule. It was an excellent experience from end to end. I highly recommend them for anyone in need of a mortgage. Thanks Manzeel and team!
Rahee G
Canada, Toronto
My experience with Everything Mortgages was excellent. Manzeel and his team are best in class. They were very professional and really simplified the process for me. I would recommend Everything Mortgages for everyone!
Melissa Emond
Toronto, Ontario
I’ve personally dealt with Everything Mortgages for years now and they have done many transactions for me (purchases and refinances). They are competitive, tech savvy, and trustworthy. I highly recommend them for all your mortgages needs.
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