First Time Home Buyer Mortgage Support
Expert Guidance for First-Time Home Buyers in Ontario – Supporting You Every Step of the Way
Our Ontario mortgage brokerage offers an extensive network of lenders, appraisers, lawyers, and investment advisors, providing invaluable guidance to first-time home buyers. We leverage our expertise to ensure your mortgage experience is seamless and rewarding, securing the best mortgage rates in Ontario for you.
We can also help first-time buyers navigate government programs and tax rebates, such as the First-Time Home Buyer Incentive (FTHBI) and the Land Transfer Tax Rebate, ensuring you maximize savings.
Key Steps in the Home-Buying Process
Pre-Approval
The first step in your mortgage application is pre-approval. One of our experienced mortgage advisors in Ontario will help you complete your application and research the market to find the best mortgage lender, the amount you can qualify for, and the most competitive interest rates.
In some cases, we can secure an official pre-approval within hours, locking in your interest rate for up to 120 days. Pre-approval also helps assess your creditworthiness, ensuring you're financially prepared for homeownership.
Find a Home and Submit an Offer
A pre-approval outlines your price range and secures your interest rate while you search for your home. After finding your home, you submit an Offer to Purchase through your real estate agent.
Once accepted, this offer becomes conditional, typically giving you seven days to obtain full mortgage approval, inspect the property, and ensure there are no underlying issues. Home inspections are highly recommended, as they help uncover any potential risks before finalizing your purchase.
Full Approval
Once you find your home, we locate a lender that will provide the loan at your pre-established interest rate. Full mortgage approval usually takes between 24 and 48 hours, thanks to our strong relationships with banks and mortgage lenders, ensuring a swift process.
We can also assist with mortgage insurance options, whether you're opting for a CMHC-insured mortgage or exploring private mortgage insurance solutions.
Appraisal and Down Payment
An appraisal is required for conventional mortgages, where you put 20% or more down on your home's purchase price. If you don't have 20%, don't worry. Mortgages with less than 20% down are subject to CMHC or Sagen insurance premiums, protecting the lender from higher risk. As a first-time home buyer, you can put as little as 5% down, provided you meet the qualifications.
First-time buyers may benefit from savings programs such as the First Home Savings Account (FHSA) or the RRSP Home Buyers' Plan (HBP), which allow tax-efficient savings for your down payment.
Additional Home Buying Costs
Beyond the down payment, there are several additional costs to consider when purchasing a home. These include closing costs, land transfer taxes, legal fees, title insurance, and property taxes.
Some first-time buyers qualify for tax rebates such as the First-Time Home Buyers' Tax Credit and the GST/HST New Housing Rebate. Our team ensures you are fully aware of all upfront costs so there are no surprises during closing.
Paperwork
Paperwork is an unavoidable part of the mortgage process. The amount varies depending on your mortgage type and lender, typically involving employment, income, and down payment confirmation. We review all required paperwork in detail before submission, ensuring you are well-prepared and reducing any risk of delays in your mortgage approval process.
Lawyer
A lawyer is required to represent you during the home purchase, managing the money you borrow and closing your mortgage on the assigned date. They also inform you of your legal responsibilities and handle closing costs, such as transfer taxes and property tax setup.
If you are purchasing a newly built home, a lawyer can also assist with assignment sales and potential tax implications, such as capital gains tax on resale properties.
Educational Resources for First-Time Buyers
We believe informed buyers make confident homeowners. That's why we can provide access to educational resources, including CMHC guides, federal government websites, and mortgage calculators – all you have to do is ask!
Whether you need help understanding mortgage rules, pre-approval processes, or refinancing for construction, our resources and experienced team members ensure you're well-equipped for homeownership.
Support for Newcomers
If you're new to Canada, securing a mortgage can feel overwhelming. Our team specializes in newcomer mortgage programs that take into account international credit reports, proof of income from foreign employment, and immigration status. We help newcomers navigate Canadian mortgage requirements with tailored financing solutions.
A Positive Mortgage Experience
Buying your first home can be both exciting and overwhelming. Our Ontario mortgage brokerage strives to make your mortgage experience positive and supports you from the initial stages through to becoming mortgage-free.
With our guidance, first-time home buyers leave their mortgage experience with confidence and knowledge to share with others. Whether you're exploring different mortgage rates, learning about tax credits, or planning for the long-term financial aspects of homeownership, we are here to guide you every step of the way.