Owning a home is a common goal for most people. The thought of having your own condo, townhouse, or house is probably one of the single biggest financial decisions you will ever make.
However, being a first time home buyer can be equal parts exciting and stressful. Especially in today’s competitive marketplace, first time home buyers often feel discouraged or overlooked. That’s why at SafeBridge we love to help educate our first time home buyers on all the necessary details involved and guide you through the entire process. Helping clients finance their first home is a true joy and a job we take seriously.
At SafeBridge we strive to provide our first time home buyers with the best experience possible. Being a first time home buyer can be exciting and stressful all at the same time. Our experienced mortgage agents help guide you through the mortgage process to ensure you are comfortable and confident with your decisions.
Buying a home in Ontario, and especially in the GTA is expensive, so leave it to our team to help you navigate the details and provide you with the best rates possible.
Our agents help you pick the perfect mortgage with confidence. Our process involves understanding what you ‘the client’ needs and then educating you on what mortgage products will best suit your needs.
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One of the perks of being a first time home buyer is access to some of the rebates and tax credits that the government provides. The Canadian first time home buyers tax credits, rebates and the RRSP home buyers plan are all options for first time home buyers. Our mortgage agents will help you discover which rebates are best suited to your situation and will guide you through the rebate process. Buying your first home can be expensive, so let us help you save some money by taking advantage of some the following home buyer incentives.
This credit is designed to help you cover some of your closing costs. Once you have purchased your new home, you are eligible to claim your credit of $750 as long as you claim it within the first 12 months of owning the home.
In order to Qualify for the Home Buyer Tax credit, you must meet the following criteria:
As a first time home buyer you are eligible to qualify for the Land Transfer Tax rebate. Similar to the Home Buyer Tax Credit, this rebate is designed to help cover some of your closing costs. If you purchase a home in Toronto, you could be eligible for a rebate of up to $4475 as well as the Ontario rebate of up to $4000.
Another great first time home buyers tool is the RRSP home buyers plan. The Canadian government will allow you to borrow up to $35,000 from your RRSPs as a down payment tax-free. If you are purchasing your first home with someone else who is also a first time home buyer they can also access their RRSP for $35,000 bringing the total usable RRSP amount to $75,000.
At SafeBridge our goal is to make home ownership as easy as possible. With a team of over 40 seasoned mortgage agents, we specialize in helping first time home buyers finance their first home. We offer a consultative approach which takes your entire financial picture into consideration. Our team carefully walks you through the process from understanding what documents are needed to qualify for your first mortgage to Congratulating you on closing day. When it comes to first time home buyers no question is a silly question. We pride ourselves on offering the utmost in service and it is our pleasure to educate you the client throughout the entire process.
A typically first time home buyer mortgage would look a little like this:
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At SafeBridge, our goal is to help you and your family grow your wealth through real estate, investments and insurance. We pride ourselves on helping singles, couples and families finance their first home.
When it comes to your first home, you need to work with a team of mortgage professionals who have the experience and expertise needed to ensure you are getting not only the best rate but the best advice. Your first home is probably the single biggest financial decision you have made to date so its important to work with seasoned professionals to ensure you get the utmost care and exceptional service.
At SafeBridge we strive to provide a premier mortgage experience from start to finish. We value our clients and pride ourselves in being one of Canada’s top Mortgage Brokerages . With over 20+ years in the mortgage industry, SafeBridge has worked with thousands of first time home buyers. Helping clients purchase and finance their first home is usually the first of many transactions clients will have with SafeBridge. Founders Chris Karram and Eliseos Iriotakis are both well respected in the mortgage industry and have built a culture around superior customer service. When you win, we win! Our goal at SafeBridge is to help each client gain access to financing and we love helping first time home buyers.
Get Pre-Qualified today!
Click on the link below and fill out the Online Mortgage application to see what type of mortgage you would qualify for. Our team of mortgage professionals would be happy to assist you.Apply Now
As a first time home buyer, the regular down payment rules apply.
5% on the first $500K
10% on anything over $500K
IE. If you are looking to purchase a home for $950,000.00 your downpayment amount would be:
$500K @ 5% = $25K
$450K @ 10% = $45K
Total downpayment required= $70K
Most first time home buyers don’t realize that there are a number of Closing costs. These can range but typically amount to 1.5%-4% of the original purchase price. Its also important to remember that before the mortgage closes you are also responsible for the initial deposit as well as the appraisal.
Ie. Closing costs on a $950K home would be:
– Land Transfer Tax: (varies based on location)
– If you live in Toronto, you pay both provincial and municipal tax.
– Provincial $15,475 + Municipal $15,475 – First Time Home Buyers rebate ($8475) = $22,475
– Legal Fees & Disbursements (this can range but expect to pay at least $650+
– Title Insurance: Title Insurance is purchased through your lawyer and is required to protect you against any losses in the event of a property ownership dispute.
– CMHC Insurance: This additional fee (when required) is paid through the mortgage but any PST is required to be paid at the time of closing.
A pre approval is the best way to get an initial assessment of how much “house” you can actually afford. There are a number of factors that are considered to determine your pre-approval. A pre-approval is an informal commitment from a lender which does two things: an informal commitment from the lender on mortgage amount and rate as well as a rate hold for up to 120 days. A pre-approval consists of four main components: Credit Score,Down Payment, Debt Service Ratio, and Supporting Documents.
Credit Score: The higher the better! Once you fill out a SafeBridge mortgage application the mortgage agent will pull your credit. Your credit score can be anywhere between 300-900 but a score above 700 shows that you can manage your personal credit and makes the lenders feel more comfortable lending you money for your mortgage.
Down Payment: Lenders will want to know that you have resources to purchase a home and thus they require you to provide a solid down payment. (should I reiterate the down payment amounts here?) Your down payment amount will determine the size of your mortgage as well as your monthly payment amount. This may also affect the amount of CMHC insurance you will need to pay.
Debt Services Ratio: In order to determine your ability to finance your mortgage, the lenders will take into account your Debt Service Ratios. These ratios are looking at your GDS Gross Debt Service and TDS Total Debt Service. It is important to speak with a SafeBridge mortgage agent to ensure they can properly calculate your GDS/TDS.
Supporting Documents: In order to obtain a pre-approval, most lenders will want to see a number of financial documents which detail the following:
– Proof of income (T1, T4, NOA’s)
– Personal identification (license, passport)
– Length of employment (Letter of Employment)
– Information on any outstanding debts. (car payments, student debt, cc payments)
Chris is a Co-Founder and Financial Advisor at SafeBridge Financial Group, the originators of Mortgage Centered Financial Planning, and is passionate about serving his clients and empowering the incredible team to “Be Better. Be Inspiring.” Prior to co-founding SafeBridge, Chris started his career as a Financial Advisor with Sun Life Financial, formerly Clarica Financial Services, and had the privilege of serving many clients financial needs for over a decade.
Over the last 20 years we’ve been successful in attracting over 60 various lenders that our clients can benefit from. SafeBridge has evolved over the years and has become a very successful company…. The education, that comes along with not just the mortgage agent side of things, but also on the insurance and the investments and the financial planning all comes together in one holistic approach.
Dena is a seasoned Mortgage Broker with 24 years experience in the financial industry. She started her career at Canada Trust as a part-time Teller while attending York University. During her 15 years with TD Canada Trust, Dena held various positions of increasing seniority. As a Senior Financial Advisor she gained knowledge in many disciplines in the banking and investment arena.
For several years Andre has worked in the Financial Planning and Mortgage Solutions field with Scotiabank. After experiencing success, and gaining a wide knowledge base in the banking world, he decided to leave the bank to join a Boutique Mortgage Brokerage, Safebridge Financial Group. Andre made the change so that he could offer clients a wider variety of mortgage options and lenders.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
With over 20+ years in the Mortgage Industry, SafeBridge has built a solid reputation in the industry and is well respected by all major lending partners. SafeBridge has partnerships with over 10 insurance providers in Canada and has access to hundreds of mortgage products.