First Time Home Buyer Credit, Incentives, Mortgage loan help 

first time home buyer credit, incentives and first time home buyer tips

If you are searching for reliable first time home buyer credit and incentives tips, it's all here, put together for you in one place. You need the best home buyer loans and home mortgage help with your first mortgage approvals.

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

first-time-home-buyer-credit.jpgFirst time home buyer credit incentives

Let's take a look at the first time home buyer credit info and low down payment programs available with your first time home buyer mortgage: 

  • Eligible home buyers can withdraw up to $35,000 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.


Questions? Let Us give you A Mortgage Assessment & Options

CMHC statistics about new home buyers

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.

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.

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

  • In the 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 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. 

The higher the educational qualifications and expertise - the better home 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

If you are struggling with volumes of confusing home mortgage information and advice from family and friends -- you should understand that advice is not always credible. We can help you with first time home buyer information giving you expert first time home buyer tips.

Back to top of first time home buyer credit.

*Lenders change their products and interest rates regularly and without notice. Check with us for updates.

Axcess Mortgage and Loans Financing Co. Ltd. | FSRA 10420

1 (905) 537-8815

Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients.