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First Time Home Buyer Toronto

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Obtaining A Toronto Mortgage Is Not Easy

Buying your first home is both exciting and nerve-racking and with recent changes to Canadian lending regulations and increases in interest rates, it has become even more troubling.

Obtaining a mortgage is not easy. You must save for a down payment and closing costs. You have to research on home loans and the application process. You must prove to your lender of choice that you can afford to make the repayments. The lender will examine your income before taxes, your living expenses and debts, and your credit score to determine how large a mortgage you can afford for your Toronto home and over what period.

Government Incentives For First-Time Homeowners

For first time homeowners, there are a number of federal government incentives to help you to take the big step. You can apply for the following incentives

  • Land Transfer Tax Rebates for First Time Home Buyers – You will qualify for a land tax refund of up to $2000
  • Home Buyers Plan – You may withdraw funds to the value of $25000 tax-free from your registered retirement savings plan to use for the purchase of your home. This you must pay back over time.
  • First Time Home Buyer Tax Credit – A $5000 non-refundable tax credit to help with the closing costs of your first home. You can claim this amount on your annual tax return.

Assistance For First-Time Home Buyers

Get Your First Mortgage Without Stress

Buying a home for the first time is both a nervous and an exciting process. It means that you have already achieved some stability in your life and are ready to make an investment. At Toronto Mortgage Brokerage we want this time in your life to be as simple and stress free as possible. We want you to enjoy your first home and not worry about the loan or possible debts.

We Help You To Make The Right Decision

There are many different processes involved when purchasing a home and it is important to have an expert by your side to lead you throughout the way. We will explain every detail and answer every question so that you are prepared and confident to make the right decision that suits you.

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Do You Have Financial Stability?

  • HST New Housing Rebate
  • Mortgage Loan Insurance Rebate for Energy-Efficient Homes
  • CMHC 5% Down Payments

It is important to be aware first of all that the province of Ontario has a number of government program that assist first time home buyers. Please take your time to take a look at some of these initiatives as they make things much easier for you. The main programs are: Home Buyer’s Plan (HBP), Land Transfer Tax Rebates for First Time Home Buyers, First Time Home Buyer Tax Credit (HBTC). With a combination of these programs and our help you can save many thousands of dollars. Take advantage of these amazing opportunities!

Terms Related To Mortgages

Down Payment – You must have at least 5% as a down payment on your home. The bigger the down payment the better the interest rate that you can negotiate. A mortgage with a down payment of less than 20% will be subject to mortgage insurance. This is added as a lump sum to your mortgage and will increase the repayment amount.
Term – this is the period of your mortgage during which the terms and conditions will remain unchanged. This period can be anything from six months to ten years.
Amortization – the period that it will take you to pay off your property. This is usually 25 to 30 years.
Fixed Mortgage Rates – Favored by first time home buyers, in terms of this contract the interest rates are fixed over the term of the mortgage. This will cost a little more but it ensures that you can budget since the repayments over the term will remain the same even if the interest rates move.

Variable Mortgage Rates – are linked to the prime interest rate and will change in line with changes in the Central Bank’s call rate. The advantage of variable rates is that they are typically lower over the longer term. However, if you have a low tolerance for risk, you should avoid this path.
Mortgage Penalties – A very important consideration for any lender, this is the amount that you will pay to your bank should you pay your mortgage early. Banks charge different penalties and they can cost tens of thousands of rand if the contract is broken.
Pre-Payment Privileges – lenders will allow you to make early payments of 10% to 20% to your mortgage without incurring penalties. Making higher payments onto your bond can save you thousands in interest over the term of the mortgage.
Buying a home for the first time is a big step and mistakes can cost a lot over the term. Certified Mortgages Brokers Toronto can help you navigate the pitfalls.

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Sean Hammond

I had to port a mortgage to a new condo, Leon had excellent knowledge to get me through the approval process. When the bank made an error, Leon was quick to contact them to make sure everything was done right and on time. He is very professional and courteous and I recommend his service to anyone who wishes to apply for a mortgage.

Ronald McDonald

Giving them 5/5 stars. Massoud helped me with my mortgage and he never missed a beat. He made the process very straightforward as a first time home buyer. Shopped around for other mortgages but he was always the first to get things for me. Highly recommend him

Shannon Jones

I was looking to renew my mortgage and my previous lender was less than willing to do anything to keep my business. So I started to look for another brokerage to do business with and Certified Mortgage Broker stood out purely based on my interactions with Massoud. Massoud was professional and clearly had a keen sense of customer service; which I make a high priority when doing business with anyone since I'm in the customer service business myself. Peter rolled out the red carpet for me, walked me through my options, inquired about my plans with my current property, give me opinions and facts about rentals in the area, sales/purchases. In some respects he gave me more information about real estate than my real estate agent has!

Glen Plummer

Selling and buying a home is a stressful experience and Leon with CMB in North York took all of the stress out of arranging the financing. He was very professional and clear about what I needed to provide to him. He used this information to arrange the best mortgage option on our new home, arranged the bridge loan to cover the closing period differential, and arranged closing out the mortgage with the previous lender.. Our experience with Leon is far better than the local in-person brokers that we contacted previously and Leon has helped us with a mortgage renewal in the past with the same excellent experience.

Colleen Power

Leon returned my called from a missed call within 15 minutes of my call and I left no message. Leon and his team were fantastic. Even with the money issues we had Leon made me feel important and valued as a person.

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