First Time Home Buyers
First Time Home Buyers, the Wilson Team gives you our 100% guarantee that you will receive the lowest rate from the time of application to funding as we closely monitor rate changes and advise you of any movement in lending rates. While we have excellent relationships with the five major Banks it should be noted that they have made numerous changes to their mortgage packages over the past 4 years. Changes that may affect our clients equity and pocket book should they need to make any changes to their mortgage over the term of the mortgage.
Do not rely on rates and rates only. The major banks fund the most expensive mortgages in Canada. Not necessarily rates as they are competitive but the actual fine print in the term you select and unfortunately clients don’t get to fully see it until they need to port, transfer, refinance or break that mortgage within the stated term of the mortgage when all the fees become apparent. This includes variables for lock in rates as banks work from posted rates ( 4.99% ) after the closing and monoline lenders work from best discount rates (2.99% ). It’s our job to understand your goals and get you the most superior product available in the market that satisfies your goals and budget. Whether a bank or monoline each lender is different.
The best way to get started is to fill out the on line application by clicking on the “Apply Now” button on the right. This will give us the information we need to shop the entire Canadian mortgage market and start to figure out what your goals and needs are as well as offer you some options to consider and present to you some strategies. As well, by utilizing the various Calculators we have available
First Time Home Buyer Incentives
RRSP Withdrawal As Down Payment: $25,000
The Home Buyers Plan allows first-time home buyers to withdraw up to $25,000 PER BUYER, from an RRSP to purchase a home without having to pay tax on the withdrawal. The federal government recently increased the maximum amount to give additional access to their registered retirement savings plans (RRSP’s) for home purchases. The $25,000 per buyer does not HAVE to be used solely for down payment – it can be used for closing costs, paying off some debt, moving expenses, furniture, or even a vacation to celebrate!
For more information,http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
First Time Home Buyers’ Tax Credit: $750.00
Through Canada’s Economic Action Plan, the federal government has introduced a First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home. This will assist first-time Home Buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes. The HBTC amount will apply to qualifying homes purchased after January 27, 2009, and will provide up to $750 in a Tax Credit.
For more information, http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
Ontario Land Transfer Tax: $4,000
Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser of a property. Therefore, if you purchase a property or land you are responsible for paying Land Transfer Tax to the Province at the time the transaction closes. First Time Home Buyers receive a reduction of up to $4,000.00 on Ontario Land Transfer Tax. Please note that there is also Toronto Land Transfer Tax payable if purchasing in Toronto “proper” however First Time Home Buyers do not pay on the first $400,000 value.
For more information contact The Wilson Team or call 613-695-9250
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