First -Time Home Buyers
Are you considering purchasing your first home? Congratulations on achieving this important milestone! We are here to help you maximize the benefits available to first-time home buyers and to assist you in securing a mortgage rate that suits your requirements.
First-Time Home Buyers Need to Know
What exactly is a mortgage? A mortgage is essentially a loan that enables you to purchase property. This loan is paid back through consistent payments, including the principal amount (the sum borrowed) and the interest. As time goes on, these payments help to decrease the overall loan balance.
For first-time buyers, there is a significant advantage in building equity in an asset that appreciates tax-free while you reside in it. By entering the market and focusing on your equity, you invest in your future instead of merely covering someone else's mortgage.
At Black Knight Capital, we are here to assist you in discovering the most competitive mortgage rates and capitalize on them, further enhancing the value of your home financing.
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Tailored Solutions
We provide a range of mortgage solutions tailored to meet your specific needs and financial circumstances, assisting you in finding the perfect match for your first home.
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Knowledge Is Power
Our comprehensive knowledge of the specific requirements set by lenders enables us to connect you with the most suitable mortgage options, enhancing your likelihood of approval even in challenging circumstances.
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Great Rates
As a trusted broker, we have the ability to shop around with multiple lenders, ensuring you receive the most competitive rates available in the market
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Dedicated Consiege
Our skilled team guarantees that you will collaborate with a single dedicated individual during the complete home-buying journey. From pre-approval to closing, you will benefit from steady, trustworthy guidance and assistance, ensuring that your path to homeownership is seamless and well-informed.
Discover Your Home-Buying Potential
Are you a first-time home buyer looking to understand your budget and mortgage options? Our calculators can help you navigate your journey to home-ownership.
FAQs
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For first-time buyers who qualify, the Canadian government has established a program designed to assist these buyers in lowering their monthly mortgage payments without the need to raise the down payment on their home. Depending on the type of property, the government contributes either 5% or 10% of the home's purchase price. This incentive functions as a second mortgage on the property and is required to be repaid within 25 years or upon the sale of the home, whichever occurs first.
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The typical mortgage for first-time home buyers features a repayment term of 25 years, but 30-year mortgages are increasingly accessible. For example, beginning August 1, 2024, first-time buyers will have the opportunity to acquire a newly constructed home with a 30-year mortgage and a down payment of under 20%.
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You or your co-buyer might be eligible as a first-time home buyer if: a) You have never owned a home before. b) You have gone through a divorce or the end of a common-law relationship. c) In the last four years, you have not resided in a property that was owned by you, your spouse, or your common-law partner.
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To be eligible, your yearly income should not surpass $120,000, and the total mortgage amount must not exceed four times your annual income. Either you or your spouse/partner needs to be a first-time home buyer, and you must be a Canadian citizen, a permanent resident, or a non-permanent resident who has work authorization in Canada.