First-Time Home Buyers

Your complete guide to homeownership. Buying your first home is one of the biggest financial decisions you'll make. We're here to guide you through every step, from pre-approval to closing, ensuring you get the best mortgage for your situation.

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The Home Buying Process: Step by Step

1

Get Pre-Approved

Before you start house hunting, get a mortgage pre-approval. This shows sellers you're a serious buyer and tells you exactly how much you can afford. It typically takes 1-2 days.

2

Find Your Home

Work with a real estate agent to find homes in your budget and preferred area. You can now shop with confidence knowing your budget.

3

Make an Offer

When you find the right home, your agent will help you make a competitive offer. This includes the purchase price, closing date, and conditions.

4

Offer Accepted

Once your offer is accepted, you'll typically have 10 days to arrange a home inspection and finalize your mortgage details.

5

Home Inspection

Hire a professional home inspector to identify any issues with the property. This protects your investment and can be a negotiation point.

6

Finalize Your Mortgage

We'll finalize your mortgage details, arrange an appraisal, and complete all documentation. You'll lock in your interest rate.

7

Closing Day

Sign all documents, transfer funds, and receive the keys to your new home. Congratulations!

Government Programs for First-Time Buyers

First-Time Home Buyers' Plan (RRSP)

Withdraw up to $35,000 from your RRSP to buy your first home. This tax-free withdrawal can significantly boost your down payment.

  • Up to $35,000 per person
  • Tax-free withdrawal
  • Ready over 15 years
  • Must repay to RRSP

First-Time Home Buyers' Incentive

A shared equity mortgage from the government. They invest 5-10% of your home's purchase price, reducing your down payment requirement.

  • Reduces down payment needed
  • Shared equity with government
  • No monthly payments to government
  • Income limits apply

Land Transfer Tax Rebate

Ontario offers a land transfer tax rebate for first-time home buyers on properties up to $368,000.

  • Up to $4,000 rebate
  • Property value limits
  • First-time buyer only
  • Automatic with application

Tax-Free Savings Account (TFSA)

Save for your down payment in a TFSA. While you can't withdraw like an RRSP, you can use it for your down payment without tax.

  • Tax-free growth
  • Flexible withdrawals
  • No income limits
  • 2024 limit: $7,000

Ready to Get Started?

Let's discuss your mortgage goals. Schedule your free consultation today.

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