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First time buyers mortgage

A first time buyer mortgage is for folks who are purchasing a house or property for the first time. 

For most individuals, or couples, buying a house can be a very exciting time in their lives.  And most probably, it will be the largest purchase they ever make.

There are a number of things to consider when buying a house for the first time.  We will review a few of them here.

If you would like to apply immediately, please fill out our "1 minute" application below.

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If you live in British Columbia, the provincial government has the First-Time New Home Buyers' Bonus.  This is a one-time bonus payment worth up to $10,000 for first-time new home buyers in BC.

To be eligible, the home buyer must be an individual who has never owned a property anywhere else in the world.  You can receive up to $10,000, and it's calculated as 5% of the purchase price, not including HST.

It's available on newly constructed houses and houses that have had major renovations done to them.  Major renovations is defined as having about 90% of the house interior redone.

Now, let's talk about the mortgage component of the house purchase.  There are numerous options to choose from, but today we'll focus on the all-inclusive mortgage.

This mortgage is beneficial when the purchaser doesn't have a lot of extra money to spend on closing costs, etc.  In today's market, where house prices can be almost unaffordable for a young person, just getting the money saved up for a 5% downpayment can be tough.

The all-inclusive mortgage absorbs all the legal costs and most of the closing costs involved in purchasing a new home. This would include items such as lawyer, appraisals, inspections, land title registration, title insurance, etc.  Of course, nothing is free, so you will pay a slightly higher interest rate. But if all your available cash is going towards the downpayment, this Canada mortgage option could be the one for you.

And finally, what happens when you can't decide whether to go with a short-term mortgage or a long-term mortgage?  You take both!   A split term mortgage lets you lock part of your mortgage in at a short-term rate and the rest in a long-term rate.  You can even select 3 or 4 different terms. This is a relatively complicated Canadian mortgage product and should be discussed with one of our mortgage consultants.

We look forward to hearing from you.

All Applications are FREE and there is NO OBLIGATION to borrow


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