Buying your first home should be like a dream come true and not a nightmare of trying to wade through the complexities of negotiating your first time homebuyer’s mortgage. Since your ReferralMortgages.com professional team of agents work for you and not a financial institution, you can count on us to provide you with all of the information you need to make the best decisions for your first mortgage.
First Time Home Buyers Get the Best Possible Rates
Working with a professional mortgage agent means you have access to a wide variety of lenders with different rates as well as terms and conditions. With financial institutions, you are limited to a set criteria that is standard within their own products only. This means the mortgage professionals at ReferralMortgages.com can help you shop for the best rates and terms and conditions for your financial situation.
First Time Homebuyer RRSP Program
- Withdraw up to $25,000 per applicant from their RRSP’s tax free
- Savings must have been in the RRSP’s for at least 90 days prior to withdrawal
- 15 years repayment period for the amount withdrawn. This payback period won’t count as a 2nd contribution to the RRSP and therefore will not reduce their income for a second time
- If not prepaid in a given year then CRA will add 1/15th of the amount due to be paid back to your gross income for that given year
Land Transfer Tax Refund
$4000 refund applied by the lawyer on closing. This equates to being able to purchase a home of up to $368,000 and avoid paying any land transfer tax!
First-Time Home buyers’ Tax Credit
The First-time Home Buyers’ Tax Credit was introduced as part of ‘Canada’s Economic Action Plan’ to assist Canadians in purchasing their first home. It helps to recover closing costs such as legal fees, home inspections, and land transfer taxes.
The Home Buyers’ Tax Credit, at current taxation rates, works out to a rebate of $750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable. If you are purchasing a home with a co-applicant, the combined claim cannot exceed $750.
To receive your $750 claim, you must include it with your personal tax return under line 369.
Let the pros at ReferralMortgages.com remove the stress and hassle of first time homebuyers mortgages. Begin your application online and we’ll get to work finding the perfect solution to buying your first home.
CMHC Insurance Premium Changes:
Changes take effect: March 17th, 2017
|Loan-to-Value Ratio||Standard Premium
(Effective March 17/17)
|Up to and including 65%||0.60%||0.60%|
|Up to and including 75%||0.75%||1.70%|
|Up to and including 80%||1.25%||2.40%|
|Up to and including 85%||1.80%||2.80%|
|Up to and including 90%||2.40%||3.10%|
|Up to and including 95%||3.60%||4.00%|