First Time Home Buyer

Purchasing your first house might be intimidating. It’s probably going to be the most expensive buy you ever make. You’ll need to obtain a mortgage in order to purchase a home.

You will benefit from being aware of the mortgage application procedure. Additionally, there are a number of programs available to first-time homebuyers in Canada to help lower the cost of purchasing a home.

If you want to make the major step of buying your first house, check out some of the resources below:

First-Time Home Buyer’s Tax Credit

This program offers first-time buyers a $750 reimbursement in order to help cover housing expenses like legal and inspection fees. You must include the credit on your tax return in order to obtain it.

Plan for Home Buyers

An RRSP withdrawal is considered a form of income. However, under this program, the federal government permits you to withdraw up to $35,000 from your RRSP in order to utilize it as a down payment for your first house. Eventually, the borrowed sum must be returned back into the RRSP. If not, tax penalties will be imposed.

How can we help?

You can still receive the greatest mortgage rate even if you’re purchasing a home for the first time. Raj Puthenkulangara and his team, we can aid you.  If you have a great credit score and don’t have a lot of debt, lenders will typically provide you with the same terms as people who have already bought a home. For any kind of mortgage-related information and assistance, you can surely connect with us.