First-Time Home Buyers
In Canada
Buying your first home is exciting and overwhelming. Let Diverse Mortgage Group take out the stress while guiding you step by step, ensuring the best mortgage rates for first-time home buyers in Canada. We are here to walk you through this journey of 25+ years of experience, guiding you on various mortgage options.
What Is A First-Time Home Buyer Mortgage?
A first-time home buyer mortgage is designed to help individuals purchasing their first property secure favorable loan terms, lower down payments, and potential government incentives.
These mortgages offer flexible options to make homeownership more achievable, even if you’re new to the market or have limited savings.
Benefits of A First-Time Home Buyer Mortgage
If you are a first-time home buyer in Canada, you have the following significant benefits:
Lower Down Payment Options
In some mortgage programs, you can purchase a home with a down payment as low as 5%. You become a homeowner sooner without waiting until you save enough for a significant deposit.
Access To Government Incentives
First-Time Home Buyer Incentive: A shared-equity program that reduces monthly mortgage payments. Home Buyers' Plan (HBP): Access up to $35,000 of your RRSP tax-free and apply to the down payment. Land Transfer Tax Rebates: Some provinces will give a tax refund at the time of purchase to bring the costs upfront to a lesser level.
Competitive Mortgage Rates
Many lenders offer good deals and more competitive interest rates for first-time home buyers. Obtaining the lowest interest rates available would significantly decrease one's borrowing expenses.
Flexible Mortgage Options
Select fixed-rate or variable-rate mortgages based on your needs and financial goals. Choose between open or closed mortgage terms according to your requirement for flexibility.
How First-Time Home Buying Process Works
Getting a mortgage as a first-time home buyer in Canada involves several steps.
Here’s a breakdown of how we guide you through the process:
Step 1: Set Your Budget & Get Pre-Approved
Step 2: Explore First-Time Home Mortgage Options
Step 3: Leverage Incentives
Step 4: Find Your Dream Home
Why Diverse Mortgage Group For Insurance?
25+ years of experience
With the help of first-time home buyers services in Canada, we have successfully helped thousands of first-time homebuyers secure affordable mortgages.
Exclusive Relationship with Lenders
We examine various options that will give you the lowest interest rates for the first-time buyer mortgage.
Personalized Mortgage Solutions
Unique Mortgage Solutions based on your needs, income, credit score, and goals.
Seamless, Stress-Free Process
Stress-free process and paperwork; everything is handled, from obtaining pre-approvals to making that move-in.
What Our Clients Say
Get Started On Your Path To Homeownership Today!
Owning your first home doesn't have to be complicated. At Diverse Mortgage Group, we make the process easy and stress-free. Whether you are looking for the best mortgage rates, government incentives, or expert guidance, we are here to help.
Contact us today and take the first step toward homeownership in Canada!
FAQ
Frequently Asked Questions (FAQs)
How much down payment do I need as a first-time home buyer?
You must pay a minimum down payment of 5% for homes priced less than $500,000. If a house costs more, you must pay 10% on the amount above $500,000.
How high is the minimum credit score to qualify?
Most lenders require a minimum credit score of 620 or better, but we also have solutions for buyers with lower credit scores.
Can I buy a home with no down payment?
No, but you can use RRSP withdrawals, gifted funds, or first-time home buyer incentives to help with your down payment.
What is the First-Time Home Buyer Incentive?
This government program provides 5% or 10% of your home’s purchase price to reduce your mortgage costs.
Can I qualify as a first-time home buyer if I owned a home before?
You would still qualify for specific programs if you haven’t owned a home in the last four years.