Thinking about buying your first home in Ontario? Congratulations! It's an exciting time, but navigating the financial aspects can feel overwhelming.
The team at The Mortgage Centre shares their top tips that will help you make informed decisions.
Start With Your Down Payment
Saving for the down payment is one of the major hurdles to home ownership. Luckily, there are a few programs that can help.
RRSP Home Buyers' Plan (HBP): Access up to $60,000 from your RRSP for a down payment, closing costs, and even furniture. The funds must have been in the RRSP for at least 90 days before it can be used. Remember, you'll need to repay this amount over 15 years.
New First Time Home Buyer Savings Account (FHSA): This government program lets you save tax-free for your first home. Contribute up to $8,000 annually, with a lifetime maximum of $40,000. Enjoy tax deductions on contributions and tax-free withdrawals.
Tax Credits and Savings
To help make home ownership more affordable for first-time homeowners, there are tax credits and refunds available.
First-Time Home Buyer Tax Credit (HBTC): Receive up to $1,500 in federal tax credits towards legal fees when filing your taxes after buying your home.
Ontario Land Transfer Tax Refund: Ontario offers a refund of up to $4,000 on the Land Transfer Tax for first-time homebuyers.
Mortgage Advice from the Professionals
Working with a professional mortgage broker like The Mortgage Centre helps potential homeowners navigate the complexities of the process.
They are up to date on all the current government programs, and they work with a wide range of banks, credit unions, and lenders to find the right mortgage for you.
They also help to maximize financial benefits and ensure that their clients make informed choices.
The Mortgage Centre also includes a rate look-back provision in all contracts, so their clients get the lowest available rate prior to closing.
They have and continue to offer purchase options for homes, secondary homes, vacation cottages, investment properties and multi-unit properties.
The Mortgage Centre offers free financial reviews of existing mortgages and explain the options that are available for mortgage transfers, refinances, equity take-outs, and home equity lines of credit.
Learn more about buying your first home or refinancing your existing mortgage online.
Call The Mortgage Centre today at (705) 256-5626 to schedule a same-day in-person or telephone appointment with a friendly mortgage professional.
