Many first-time home buyers feel overwhelmed at the number of expenses involved in purchasing their first home. We don’t want to add to that burden. We offer affordable services to all of our clients.
It’s your first mortgage and you probably have a lot of questions. Our professional team of experts will take the time to make sure you understand all the important details of your mortgage.
Even with first time home buyer mortgages, there is no one-size fits all solution. We help our clients determine the best type of mortgage to suit their needs.
Fantastic interest rates
Even a small difference in a mortgage interest rate can means a lot. That’s why we find you the best interest rates possible.
Thinking of Buying a Home for the First Time
Have you finally decided to take the plunge and become a homeowner? Good for you – it is an exciting time in your life! But before you run out and start spending a lot of time looking at homes and selecting paint swatches, you should get pre-approved for a mortgage. Keep in mind, that pre-approval is different than pre-qualification. Pre-qualification is only a ballpark figure of what you can probably get. Pre-approval is an agreement between you and the lender of what you can get. If you are ready to buy your first home, contact Circle Mortgage Group today to get pre-approved for a first-time homebuyer mortgage.
What is the First-Time Home Buyer’s Incentive?
Over the years there have been many government programs to help first-time homebuyers offset the growing costs of purchasing a home. The most recent of these, rolled out by the federal government is the First-Time Home Buyer’s Incentive. The Incentive is a way for first time homebuyers to reduce their monthly mortgage costs without having to increase their down payment. The Incentive does not require interest payments, nor is there an ongoing repayment schedule. Through the Incentive, the Government of Canada will offer: 5% to first-time home buyers on the purchase of a re-sale home. 5% or 10% to first-time home buyers on the purchase of a newly constructed home
Eligibility for the First Time Home Buyer’s Incentive
- Be a Canadian citizen, permanent resident, or a non-permanent resident who is legally eligible to work in Canada.
- Have a minimum down payment. (5% for the first $500,000 and 10% for the value exceeding $500,000). Unsecured loans may not be used for the down payment.
- Have a combined total income of $120,000 or less. (also subject to minimum requirements set out by lenders).
- Borrowing limit is equal to four times your income.
- Mortgages must be eligible for mortgage insurance through CMHC, Canada Guaranty or Genworth.
- Property must be located in Canada and be suitable for year-round living.
- If purchasing a home as a couple, at least one person must be a first-time home buyer per the definition below.
Best Mortgage Broker for First Time Home Buyer Mortgage
If you are looking to purchase your first home in Burlington, contact us today to apply for your First Time Home Buyer Mortgage. One of our courteous and professional mortgages brokers will take you through every step of the process and answer any questions that you may have. We help take the stress out of getting your first mortgage.
"First time buying a house is a very stressful experience, and Jivan at DLC really helped reduce that stress by clearly outlining the process before we began so there were no surprises along the way and of course I had a lot of questions, and he was quick to respond to them. Now I recommend Jivan to anyone that tells me they are considering to buy a house because of my stress-free experience."
"Jivan’s sense of ethics is endearing. Mortgages are a hard hit to a client and it makes my business worth working for when I work with a Mortgage Broker who works with my client and ensures that the Mortgage my client is signing into will not result in sleepless nights."
"It is truly a great pleasure to be working with Jivan. He is honest, friendly, and very knowledgeable about his industry. Do yourself a favour and contact Jivan first for all your lending needs!"
Lambros Bryan Demos
How First Time Home Buyer Mortgage can help you out?
Low interest rates
Invest in an asset
Know what kind of home you can afford
Get the right type of mortgage for you
We apply for government incentives on your behalf
1How reliable is a Mortgage Broker?
Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs. Mortgage Brokers primary expertise is locating funding for mortgage financing. They know where the best rates can be found. What’s more, they have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.
2Other than rates, why should I use a Mortgage Broker?
In addition to rates, because mortgage-based financing is the broker’s primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue. This kind of knowledge not only results in the most favorable rates for each project, but often whether a project is funded at all.
3How do Mortgage Brokers Find Superior Rates?
Interest rates are a concern to borrowers. Because of their daily contact with lenders, brokers know which project or home attracts a favorable interest rate from one institution, but a higher rate at another. Some institutions, in fact, will only accept mortgage submissions from mortgage brokers. These rates, and preferences for types of mortgages, can change daily, depending on economic circumstances or based on the size of an institution’s portfolio in a particular type of mortgage. Your Mortgage Broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by Brokers are among the best available at the time of placement.