Great opportunity for first-time homebuyers
If you’ve been thinking about purchasing your first home, but haven’t yet made up your mind, now is an ideal time to think about taking the plunge into homeownership.
Your first step in the home-buying process should be to talk to a licensed mortgage professional. These experts have access to a vast array of lenders – up to 90+ institutions, including big banks, credit unions and trust companies – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products.
Fulfill your dream
Mortgage professionals can get you pre-approved for a mortgage so that you know how much you can afford to spend on a home before you start shopping.
And thanks to the latest federal budget, there are a couple more reasons why now is the optimal time to purchase your first home.
First, the budget proposes a $5,000 increase to the RRSP Home Buyers’ Plan, meaning first-time homebuyers can now withdraw up to $25,000 from their RRSPs for a down payment – tax- and interest-free.
The budget also proposes a $750 tax credit for first-time homebuyers to help with closing costs, such as legal fees, disbursements and land transfer taxes.
The tax credit is based on an amount of $5,000 for first-time homebuyers who acquire a qualifying home after January 27, 2009 (ie, the closing is after that date).
An individual will be considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.
If you’re thinking of buying your first home, Dominion Lending Centres mortgage professionals can answer all of your mortgage-related questions.
Contact Shaun O’Flynn for more information 705-791-4685
or go to www.SashaDear.ca to find your perfect first home
Helpful Articles
Canadian home sales edge higher in April
OTTAWA – May 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged up by less than one per cent in April 2012...
Home prices up in March, but gains continue to moderate
OTTAWA – April 27th, 2012 – The MLS® Home Price Index (HPI), the leading measure of Canadian home prices, stayed above year-ago levels in March 2012 according to statistics released today by The Canadian Real Estate Association (CREA)...
Bank of Canada keeps interest rates on hold
The Bank of Canada kept its trend-setting Bank Rate at 1.25 per cent on April 17th, 2012. While this was the 13th consecutive policy meeting in which borrowing costs have been left unchanged, it was the first time since last September that a policy announcement has included a reference to the possibility of a rate [...
National home sales rise in March
OTTAWA – April 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged higher in March 2012...
Home prices up in February but gains slowing
OTTAWA – March 23rd, 2012 – The MLS® Home Price Index1, the leading measure of Canadian home prices, continued rising in February 2012, according to statistics released today by The Canadian Real Estate Association (CREA)...