Home Purchase

Home Purchase Mortgage Help in Mississauga for first time home buyers

  If it is your first time buying a home, then getting professional mortgage advice will be a great place to start. We provide all-around home purchase mortgage help in Mississauga. It is true that mortgage debt is considered as a ‘smart’ debt. However, buying your first home is a very major financial commitment. So, you need to think a lot before taking any step. It is probably one of the most important financial decisions that you will make in your life. Determine your affordability Before you even start looking for a home and consider putting an offer on one, let us help you determine how comfortable you can afford a house.  Having a realistic budget to start with will let you know that you are not overexerting yourself. That will be a big boost to your confidence as a first time home buyer. You need to keep in mind that, home ownership leads to expenses apart from the monthly mortgage payment. You will have to pay utility bills, insurance, taxes, home upkeep costs etc. Make a point, to talk to us about getting pre-approved. That way you will get your interest rate guaranteed for a set period which is typically 90 to 120 days. Options of Down payment Down payment is one of the most important factors that you need to consider before looking to buy a house. If you're in the "saving up" stage of preparing for home ownership, this is the right time to get a consultation from us. You can meet us so that we can discuss your down payment options properly. In most cases, you want to save five percent of the purchase price. There are a few options to consider for first-time homebuyers who may have smaller amounts to start with:
  1. The Home Buyers' Plan (HBP) – First time home buyers can individually withdraw an amount of $25,000 or $50,000 with a spouse tax-free from their RRSPs, provided they adhere to the repayment plan.
  2. Gifted down payment from a parent or blood relative - can be a source of funds as long as the homebuyer receives in writing that they are not required to pay the money back at any time.
  3. Start off small – Your dream house may be on the costlier side. In that case, a starter home might be the right option for you. A smaller home or maybe a house just out of the expensive area will help you get a foot inside the door. The homebuyer can take advantage of the low interest rates to pay off the mortgage quicker and use the equity from the first home to buy their dream house later.
Build a team of professionals We cover a vast area while providing with home purchase help in Mississauga. Our professionals will assist you in every way to build a strong team so that all factors concerning your home buying experience are well taken care of. We believe in an efficient and professional approach when dealing with the home purchase. Your team will consist of a realtor, lawyer, and a home inspector. Plan for closing the costs Since there are additional costs involved in the home buying process, you will need to have some extra funds set aside to cover those expenses. Generally, you can expect to pay between 1.5% and 4% of the home selling price in total closing costs. We can outline all of your closing costs so you won't be caught by surprise. We will get you the best home purchase mortgage help in Mississauga and provide you with strategies to help you pay your mortgage off faster. Work with our experts, so that you can get into the market and start your wealth building with smart debt!  We'll help you in getting the best experience out of your home buying journey. We look forward to helping you achieve your dream of home ownership!