First Time Home Owner Loan to get you that swanky home

first time home buyer mortgage canada when you dream big!

First time home owner loan to purchase a home is one of the biggest investments you will make. Start with creating your guide to buying a home before negotiating a home purchase offer. Dream big but keep your feet on the ground. Explore first time home buyer information and your first home buyer mortgage options first.

Let us help your with your First time home owner loan 

first-time-home-owner-loan.jpgGetting a first time home owner loan pre-approval.

Get first time home owner loan information and a pre approved mortgagefrom first time home buyer info, first-time home buyer programs to first time home buyer incentives.

As a 1st time home buyer you will likely find the home mortgage financing process a bit overwhelming. Here is some first time home buyer info to help you out.

How to qualify for mortgage approvals. get the right deal.

If you're a Hamilton first time home buyer, or Ontario wide, contact us for expert home mortgage help. You don't want to make costly mistakes. Your real estate agent will also want you to have a pre-approved mortgage so that they can show you homes in the price range you can afford.

mortgage loan for first time home buyer

HOW MUCH DOWN PAYMENT DO I NEED for a first time home buyer mortgage canada

* 5% down mortgage minimum down payment Hamilton ON and throughout Ontario.

All mortgages require a minimum down payment of 5% on the first $500,000, and an added 10% down payment on the amount over $500,000.

So, a home costing $700,000 would require:

  • $45,000 down payment - 5% on the first $500,000 and
  • $20,000 or 10% down on the remaining $200,000.

Your first time home buyer loan info:

There are two options first time home buyer mortgage lenders consider to qualify you for a first time home buyer mortgage in Canada.

"A" Insured low down payment mortgage with 5% down (Banks, Credit Unions, broker channel Mortgage Companies, Insurance Companies).

"Alternative Mortgage Financing" with 20% down payment when the banks turned you down.

  • 5% is minimum first time home buyer down payment Ontario needed for insured mortgages up to $500,000 home purchase price + 10% down on the purchase price portion over $500,000;
  • 1.5% for closing costs in addition to down payment;
  • Gifted down payment from immediate family acceptable;
  • Good credit and income needed for 5% down first-time home buyer programs;
  • A co-signor or guarantor may be added if additional income is needed to qualify.

Start with first time home buyer information and a home buying process checklist before negotiating a home purchase offer. Click here to go to low down payment mortgage for home buyers advice and other home mortgage loan information.

Alternative mortgage lenders for first time buyers with bad credit

  • 20% down payment + lender/broker fee of 2.5% for closing costs (down payment can be gifted by immediate family members but the first 5% has to come from borrowers' own pocket):
  • Some credit problems acceptable;
  • Rural properties with well and septic 35% down;
  • Property and location must be approved by lender most of whom do not fund areas with very small population.

first time home buyer tips 

There are exceptional first time home buyer mortgage lenders. When you go to the bank to get your new home mortgage loan, you end up with the bank's own standard mortgage. Banks in Canada have a limited range of products designed to generate them maximum profits. Their employees get paid bonuses for putting borrowers into the banks most profitable financial products.

So, what's the problem for you ?

It's all in the fine print. Your pre-payment options are marginal and penalties to break the mortgage outrageous.

Why use a mortgage broker instead of a bank ? WE WORK FOR YOU not the big banks !

By going to the bank, you miss out on the exceptional first time home owner loan products offered through mortgage brokers.

By using a mortgage broker, you'll get:

  • best rate the first time without having to ask and a contract with up to 20% annual pre-payment privileges to help you pay off your mortgage faster.
  • home buyer tax credit and other first time home buyer info every step of the way.

When you go from bank to bank searching for a mortgage, each will pull your credit driving your credit score ranking down. This makes it more difficult for you to qualify for a mortgage. When you come to us, we'll pull your credit once and re-directed to lenders as needed. This protects your credit score.

There are excellent first time home buyers mortgage options available to you -- so let's talk.

Marie Copeland FSU, your Mortgage Broker if you're a Hamilton first time home buyer or anywhere in Ontario.

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*Lenders change their products and interest rates regularly and without notice. Always check for lender 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.