Everything First Time Home Buyer

Buying your first home can be overwhelming and difficult to navigate. We understand the frustrations first time buyers go through and have developed a plan, which will lead you from your initial contact to happy homeownership. We have compiled some information for first time home buyers and provided it here, all in one place. 

Contact Us to receive a timeline, a step by step overview, for your purchase. You decide when you want to start and can follow along with each step. The time it takes is different for everyone, however, on average first time homebuyers take approximately 3-6 months from wanting to buy to having actually bought and ready to move in.

Click here to access a mortgage calculator, which will allow you to get a rough idea of how much you can and want to afford. Below you will find contact details for the lenders we have built realtionships with and have had many great experiences with. All of them are experienced mortgage professionals and can overcome some of the toughest financing hurdles first time home buyers sometimes encounter.

Bonnie Fitzgerald, AMP

c: 604-991-9944

bonnie@ourbestmortgage.com

www.ourbestmortgage.com

Brenda Penner, RBC Mobile Mortgage Specialist

 c: 604-807-5647

brenda.penner@rbc.com

Here are a few of the government programs designed to assist First Time Home Buyers. 

  • Home Buyer's Plan: Allows you to withraw funds from your RRSP to help with the down payment without having these funds added to your income. Contact your lender, CRA or your finaincial advisor for more information. 
  • Home Buyer's Tax Credit: Allows you to claim your purchasing and moving expenses on your tax return. Contact your accountant or CRA for more information.
  • Property Purchase Tax Exemptions: Contact your lawyer or the government of BC's website for more information.
  • Canadian Mortgage and Housing Corporation (CMHC): Allows you to bring less than a 20% downpayment to your home purchase. There is a fee for this service as CMHC is insuring your mortgage. These rates are always changing so it's best to talk to your lender or mortage professional for the most up to date rates. 

If you have any questions about the buying process , we are here to help, please contact us here.