First Time Home Buyers.

First Time Home Buyers

If you are finally read to turn your home ownership dreams into reality, you are considered a first time home buyer!  While this is an incredibly exciting time for you, it’s best to partner with your trusted mortgage professional.  As a licensed Mortgage Brokerage we are most capable of analyzing and helping you to determine your preferred mortgage solution.

 Working With a Mortgage Broker

  • You’ll receive a personalized income and credit assessment  
  • You’ll receive a pre-positioning workout plan if purchasing immediately isn’t the best option 
  • You’ll receive an indication of the down payment amount you’ll be required to provide
  • You’ll receive an indication of related closing and transaction costs to ensure you’re within budget
  • You’ll receive unbiased guidance as opposed to working directly with a bank and their one item menu

Suggestions from a Mortgage Broker

  • Take your time and understand from a high-level the mortgage process
  • Understand the difference between a pre-approval and a formal approval
  • Understand related closing and transaction costs from the onset to avoid surprises
  • Resist the temptation to submit an offer-to-purchase without protecting yourself with a financing waiver
  • Hard now, easy later – there are no shortcuts
  • Work with a good realtor – we can steer you in the right direction
  • Have fun and don’t sweat the small stuff 

Land Transfer Tax Rebate

  • First time home buyers in Ontario can qualify for a rebate on land transfer tax up to $4,000
  • First time home buyers in Toronto can also qualify for a rebate on land transfer tax up to $4,475
  • First time home buyers in British Columbia can qualify for a rebate on land transfer tax up to $8,000

Ontario Land Transfer Fax Rebate Qualifications 

  • You must be a Canadian citizen or a permanent resident
  • You must be 18 years or older
  • You must occupy the home for 9 months from the closing date
  • You cannot have owned a home before
  • Your spouse cannot have owned a home during the time they’ve been your spouse
  • Click here for more information 

British Columbia Land Transfer Fax Rebate Qualifications

  • You must be a Canadian citizen or a permanent resident
  • Lived in BC for 12 consecutive months before closing, or, have filed 2 BC income tax returns over past 6 years
  • You cannot have owned a home before
  • You aren’t illegible if you have received a first-time homebuyers’ exemption or refund before
  • Click here for more information 
Home Buyers Plan
 
  • Withdraw funds from your RRSP to buy or build a home for yourself or relative with a disability
  • You alone are able to withdraw up to $35,000 and your spouse may also withdraw up to $35,000. 
  • You must be considered a first time home buyer
  • You must occupy the subject property for a minimum of one year. 
  • Click here for more information 
Down Payment 
 
  • Insured (5% – 19.99% down payment) 
  • Convention (20% + down payment)
  • Alternative (20% + down payment
  • Private Mortgage (15% – 20% + down payment)
 
Contact us for more information, or to be put in contact with a need-specific professional partner such as a realtor, accountant, or a  real estate lawyer. 
 

DV Capital Corporation
FSRA Brokerage License:. 13186
Local: 416-839-5874
Toll-Free: 1-866-839-5874
Email: info@dvcapitalcorp.com
Website: www.dvcapitalcorp.com

Click here to apply anytime, anywhere.

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