First Time Home Buyer Mortgage
Thinking of buying your first home in Milton or Halton Hills? Be prepared, because buying a home for the first time can be very overwhelming for some people. However, if you have a mortgage specialist to help you out it can take the weight off your shoulders. Our team will make it their priority to help you through the first-time home buying mortgage process to find you the best home in Milton, Oakville and Halton Hills. Once they step in, you’ll immediately feel a sense of comfort once they begin to prepare you to become a first-time homeowner.
The Average First-Time Home Buyer Mortgages Milton
Just to give you a good indication of what you could expect to pay for a home in Ontario, the average first-time buyers mortgage in Halton Hills is estimated at $358,400. However, the average prices of a home is $423,691. I bet you’re saying ‘Even without my down-payment I still can’t afford it’. Well you’re wrong, a great mortgage broker works with so many different lenders and knows the ins and outs within the industry, and they will do everything they can to get you approved quickly and easily.
Other Government Incentives for First-Time Buyers
When you buy a new property or a piece of land in Ontario, you will be required to pay and transfer tax upon your homes’ closing. As such, you are also eligible for a tax refund called the Residential Land Tax Credit. You could receive up to and additional $4,000, depending on the price of the land.
Common First-Time Buyer Misconceptions
As a certified mortgage team, we pride ourselves in mortgage education and client learning. We want you to understand the risks factors, common myths and the impact of simple mistakes made by new buyers that planned to apply for their first mortgage alone.
Here are a few misconceptions that other first-timers have made, that deters them get a first-time home buyers mortgage:
- Don’t assume that because your credit history isn’t spickety span you won’t qualify for a mortgage. Even with less than perfect credit, your dream of owning your first home can still come true.
- You don’t need a 20% down payment, it’s simply not true. Experienced mortgage brokers can get you a much lower percentile, depending on what you can afford (minimum 5% down).
- Have RRSP savings? As a first-time home buyer you can use up to $25,000 per single person or up to $50,000 per couple through Revenue Canada’s Home Buyer’s Plan to pay down on your new home, without being taxed.
- Rates aren’t the only thing that are important to consider. You should also think about the type of mortgage solution you need, the structure of the payments for each solution, the term, and how flexible each option is. Fixed rate mortgages aren’t the only option, Variable rate mortgages are also another great option and they help you pay off your home even sooner. This option also has the best potential of allowing you to save in the long-term.
- Don’t shoot for the sky when it comes to what’s affordable in terms of your mortgage payment. Mortgage Calculators are powerful tool that can help you come up with more than just an estimated guess.
- Do you think that a mortgage pre-approval is pointless? Think again! Without having at least a ballpark figure to go on, it will be hard to find a home that is affordable.
Don’t let your misconceptions get the best of you, call your local mortgage team in Halton Region, and we’ll put your fears to rest.