First Time Buyer in Canada
Whether you are a first time buyer in Canada or a seasoned investor, purchasing a new home is the biggest investment of your life. Getting the best mortgage rates in Canada and the right mortgage product tailored to your specific needs is as important as finding the right house. Just as you use the MLS to find that right house, use a mortgage broker to find today's best mortgage rates for your new mortgage. Many home buyers find the financing aspect of the process to be very stressful, especially first time buyers. With one of our mortgage brokers working with you, we will help you to choose between the different terms, amortizations and mortgage products, educating you in the process so the next time you will know what to expect; and of course getting you the lowest mortgage rates!
When you are a first time buyer, the learning curve can be steep, our mortgage brokers are here to help. At Verico Mortgage Options we have a network of mortgage lenders that are waiting to compete for your business with today's best mortgage rates. More importantly however, when you deal with us, you know that you will always be dealing with a true mortgage expert to make sure the process is done right the first time to save you both time and money.
The first step when you decide to buy your first home is to determine whether you can qualify for a mortgage, and if so, how much of a mortgage can you qualify for based on your income. In other words, the first step is right here with one of our Canada mortgage brokers! Remember, the lower the mortgage rates the more you qualify for.
Answers to your most common questions:
1) I am a first time buyer but my spouse is not, can we qualify for a 5% down first time buyer mortgage?
Anyone can qualify for 5% down, you do not need to be a first time buyer.
2) As a first time buyer I want to use my RRSP for down payment, but I only need $10,000 for my down payment but I need another $3,000 for closing costs, can I use my RRSP's for that too?
Yes, you can use up to $20,000, it does not all have to be used toward down payment. You then have 15 years to pay it back to your RRSP.
3) Are we limited to the amount we can spend as a first time buyer?
Only to as much as you can afford, or your down payment can limit you to the amount you qualify for as you still require 5% down (unless you do the zero down mortgage).
4) Why is using a mortgage broker better than using my bank if I am a first time buyer?
If you like your payments to be lower, you should use a mortgage broker.
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