Calgary Mortgage Broker/ Specialist
First-time home buyers often face challenges when financing their homes. With little to no credit history or insufficient income to qualify for a conventional mortgage. However, there are several mortgage options available specifically for first-time homebuyers that can help them get into their dream home.
The typical first-time home buyers has limited funds for their down payment. Through an insured mortgage you can achieve your goal of home ownership. Leveraging savings in your registered retirement funds (RRSP) you can access up to $35K per person tax and interest free for your down payment.
Did you know that it is possible to purchase a home with as little as a 1% down payment? If you have good credit, good income and limited debt this may be a great fit to get you into your first home.
We also have specialized lending programs for New to Canada buyers as well. If you have been in Canada on a work visa for less than 3 years, have permanent employment and can get proof of your rental payments then home ownership is within your reach.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.