Are you a first time home buyer, entering the fast-paced GTA real estate market?
Like getting your first job, the first time home buyer faces a number of challenges when obtaining financing for that first home. Least of which is getting the best rate on your mortgage, which can have a huge impact on such a long term investment.
Buying a home is likely the single biggest financial decision you will make, and Interfinance Mortgage Corporation can help you understand mortgage and financing options, and get you the lowest possible rate with the most flexible terms. Because each mortgage situation is unique, it requires a mortgage specialist to ensure a smooth and seamless process. Let us help remove some of the stress and red tape that goes with such an important purchase.
We have access to funds that don’t come with the same lending hurdles as the big Canadian banks, so we can make funds available to people with limited or even damaged credit history.
We can also assist buyers in taking advantage of government programs to help make first time home ownership easier:
- Home Buyer’s Plan (HBP) – borrow up to $25,000 from your RRSP towards a down-payment, tax free. Combine your purchasing power with someone who is also a first time buyer, and each can access up to $25,000 from their RRSP, for a total of $50,000. The HBP is considered a loan, and must be paid back within 15 years.
- First Time Home Buyers Tax Credit – designed to help first time home buyers with closing costs, including legal expenses, land transfer taxes, and inspections. This works out to a rebate of $750 that must be claimed within the year of purchase and is non-refundable, although it must be a ‘qualified’ home.
- Land Transfer Tax Rebate for First Time Home Buyers – available in Ontario, British Columbia, and Prince Edward Island, the rebate is dependent on the province, value of the home, and whether one or both are eligible as first time home buyers. In the city of Toronto, a rebate of up to $3,725 on the municipal land transfer tax is available providing certain criteria is met.
Our experienced mortgage brokers have provided hundreds of first time home buyers with the funds they required to enter the real estate market and make the biggest purchase of their lives – contact us today to get pre-approved for your first mortgage, and stop renting.