First-Time Home Buyer Mortgage
First-Time Home Buyer Mortgage Services in Toronto
Are you ready to leap into homeownership?
At PASH Mortgages, we understand that buying your first home is one of life’s most exciting and sometimes overwhelming milestones. Whether you are just starting to explore an idea or ready to make a purchase, our team of experts is here to guide you through every step. Contact us for a First-Time Home Buyer Mortgage in Toronto.
Why Choose PASH Mortgages for Your First Home?
As first-time homebuyers, you face a unique set of challenges. But do not worry, we have your back. Here’s why PASH Mortgages is the right partner for you: We take the time to understand your financial situation and help you find the best mortgage options. Our goal is to make the home-buying process clear, simple, and stress-free. Through our wide network of trusted lenders, we secure competitive mortgage rates that suit your budget and lifestyle. We will help you choose the right term, interest rate, and repayment plan for your needs.
Did you know that Canada offers several programs to help first-time homebuyers? From the First-Time Home Buyer Incentive to the Home Buyer’s Plan (HBP), we will guide you through the available options that could save you money and reduce your down payment burden.
At PASH Mortgages, transparency is key. We will provide clear, upfront details about any costs involved, so you can plan your budget effectively without any surprises down the road.
Getting pre-approved for a mortgage is a crucial step in the home-buying process. With our simple and fast pre-approval process, you will know exactly how much you can borrow, helping you focus on finding your dream home with confidence.
Call us Now & Get Approved
Down Payment Rules
The minimum down payment based on the purchase price of your home
| Purchase Price of Your Home | Minimum Amount of Down Payment |
|---|---|
|
|
|
|
|
|
Mortgage Insurance
If the down payment is under 20%, mortgage insurance is required and added to the mortgage cost.
Additional Costs & Rebates
Budget for closing costs (1.5%-4% of home price) and check for provincial rebates (e.g, Ontario’s land transfer tax rebate).
First-Time Buyer Program
Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP for a down payment.
Ready to Start Your Home Buying Journey?
Buying your first home in Canada is a big step, but with PASH Mortgages by your side, it does not have to be daunting. Let us help you secure the right mortgage and give you the confidence to find your dream home. Contact us for a First-Time Home Buyer Mortgage in Toronto.
Frequently Asked Questions
First-time Canadian homebuyers can access several financial benefits, including the Home Buyers’ Plan (HBP), GST/HST rebate on new housing, First-Time Home Buyers’ Tax Credit, and provincial land transfer tax rebates.
When acquiring Mortgages with less than 20% down you must have Mortgage Loan Insurance provided by either the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Canada.
Most times Canadian homebuyers save for a down payment, with certain lenders you could put down as little as 5% of the purchase price which can come from sources other than your own. These lending arrangements are subject to certain restrictions based on income level and credit score.
The 5% down payment can come from borrowed funds such as a line of credit or family member. Keep in mind that the amount borrowed for a down payment is factored into debt service ratios which will establish how much you are eligible to borrow.
The 5% down payment can come from a cash back feature of the mortgage. This will mean that you will have to take the posted rate which is undiscounted required by the lending institution.
In addition to the down payment, according to CMHC and Genworth rules you must have 1.5% of the purchase price available to cover the closing costs including, but not limited to, legal fees and disbursements, appraisal fees and a survey certificate, where applicable.