First Time Home Buyer Credit And Tax Incentives


You deserve expert mortgage help with your first mortgage approvals

905.308.8063 FSCO No. 10420

Banks and "A" Lenders pay us for your residential service. EXCEPT bad credit mortgages, some self employed mortgages from "B Lenders", private mortgages or multi-use and commercial loans - these broker fees are payable to us by clients. Lenders change their products and interest rates without notice.

..... follow me and get daily Twitter updates ... Marie Copeland @AxcessMortgage

Are you searching for reliable first time home buyer credit and tax incentives tips? It's all here, put together for you in one place -- this is because, we understand that you need the best home buyer loans and mortgage help with your first mortgage approvals.


how much down do i need for my first time home buyer mortgage approval ?

* 5% down is the required mortgage minimum down payment Hamilton ON and throughout Canada:

  • 5% on the first $500,000 of the purchase price and,
  • an added 10% down payment on any amount over $500,000 amount.

Low down payment mortgage: Canadian Finance Minister Bill Morneau made the announcement about the minimum down payment for houses increase effective Feb. 15, 2016. To see the full announcement, please watch the video by clicking here.

So a home costing $700,000 would require a $45,000 down payment:

  • 5% ($25,000) on the first $500,000 and,
  • 10% (additional $20,000) on the remaining $200,000.

About first time home buyer credit and tax incentives

To start with, there are first time home buyer credit and tax breaks offered by the Government of Canada. There is also valuable information on the Canada Mortgage and Housing Corporation (CHMC) website. So, be sure to visit these sources often for eligibility details and updates to the first time home buyer programs.

Let's take a look at the home buyer programs and first time home buyer credit info: 

  • Eligible home buyers can withdraw up to $25,000 tax free from their registered retirement savings plan (RSP) to buy or build their first home - this money has to be repaid to your RSP within 15 years.
  • Under the GST/HST New Housing Program you may be eligible for rebate of GST/HST paid on new construction or substantial renovations of your primary residence.
  • You may be eligible for a 10% refund on your mortgage loan insurance premiums from CMHC when you buy an energy efficient home.
  • And, you qualify for the land transfer tax up to $4,000 depending on the purchase price as a first time home buyer credit, when you get your first time home owner loan.


CMHC statistics about new home buyers

CMHC released their 2014 first home buyers survey - here are few interesting survey findings:

  • In the 2014 survey, almost half (48%) of First-Time Buyers arranged their mortgage through a mortgage broker.
  • Approximately four-in-ten (37%) of First-Time Buyers received a recommendation to use a specific mortgage professional. These recommendations came primarily from family members and real estate agents.
  • Among First-Time Buyers using a broker, 50% reported obtaining a mortgage with a lender other than the financial institution they were dealing with the most at the time. First-Time Buyers using a broker were 85% more likely switch financial institutions when getting a mortgage.

What does that mean for you?

Mortgage brokers give you access to the best mortgage lenders - the broker channel lenders who deliver the best residential mortgages. These home buyer loans offer features not available through the retail banks.

There are good benefits from using a mortgage broker for your first major investment. But remember, many call themselves mortgage brokers but THEY ARE NOT. Who is Who? When you have a moment, why not read about mortgage broker qualifications you should look for - see the the link below to this article. 

The higher the educational qualifications and expertise - the better mortgage help you can expect to get.

You deserve an expert to make your application shine and present it to the lender accurately. There is no need for you to struggle through volumes of details, trying to understand all the mundane qualifying requirements - the different offers, rates, terms, features and hype.

Be sure to call me for mortgage help. Like many of my clients, you'll enjoy fast solutions, even if at first your situation appears impossible. We do all the work - all you have to do is to provide me with the documents needed.

Marie Copeland, FSU, Hamilton Mortgage Broker


Subscribe to Mortgage Strategy News and get a FREE Credit Score User Guide

Enter Your E-mail Address
Enter Your First Name
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Mortgage Strategy News.

Top Stories


About mortgage broker qualifications -- many call themselves mortgage brokers but THEY ARE NOT. Who is Who? 

First time home buyers mortgage help with your first mortgage approvals.

First time home owner loan -- how to qualify for mortgage approvals.

You're a first time home buyer with bad credit ? Let's get you bad credit score mortgage help.



If you are struggling with volumes of confusing home mortgage information, 1st time home buyer tips and advice from family and friends -- advice not always credible, we can help with first time home buyers credit information.


Email Marie For Your 1st Home Buyer Loans

Or Call 905-308-8063

Share with friends buying their first home


Thank you for visiting first time home buyer credit help from Axcess Mortgage and Loans Financing. Please share this important home mortgage information with family and friends who are thinking about buying their first home.

› from First Time Home Buyer Credit