Are you ready to take the leap into homeownership?
At Brevity Mortgages, we understand that buying your first home is one of the most exciting and sometimes overwhelming milestones in life. Whether you are just starting to explore an idea or are ready to make a purchase, our team of experts is here to guide you through every step of the process.
Why Choose Brevity Mortgages for Your First Home?
As first-time homebuyers, you face a unique set of challenges. But do not worry, we have your back. Here’s why Brevity Mortgages is the right partner for you: We take the time to understand your financial situation and help you find the best mortgage options. Our goal is to make the home-buying process clear, simple, and stress-free. Through our wide network of trusted lenders, we secure competitive mortgage rates that suit your budget and lifestyle. We will help you choose the right term, interest rate, and repayment plan for your needs.
Did you know that Canada offers several programs to help first-time homebuyers? From the First-Time Home Buyer Incentive to the Home Buyer’s Plan (HBP), we will guide you through the available options that could save you money and reduce your down payment burden.
At Brevity Mortgages, transparency is key. We will provide clear, upfront details about any costs involved, so you can plan your budget effectively without any surprises down the road.
Getting pre-approved for a mortgage is a crucial step in the home-buying process. With our simple and fast pre-approval process, you will know exactly how much you can borrow, helping you focus on finding your dream home with confidence.
Contact NowThe minimum down payment based on the purchase price of your home
| Purchase Price of Your Home | Minimum Amount of Down Payment |
|---|---|
|
|
|
|
|
|
If the down payment is under 20%, mortgage insurance is required and added to the mortgage cost.
Home Buyers' Plan (HBP): Withdraw up to $35,000 from your RRSP for a down payment.
Budget for closing costs (1.5%-4% of home price) and check for provincial rebates (e.g, Ontario’s land transfer tax rebate).
Understand your budget before you start shopping. We will help you get pre-approved, making the process smoother and giving you a better chance of securing the home you want.
Whether you prefer the stability of a fixed-rate mortgage or the flexibility of a variable rate, we will guide you in selecting the mortgage that best suits your financial goals.
We will help you navigate the available programs and grants even with low income, such as the First-Time Home Buyer Incentive and the RRSP Home Buyer’s Plan, to ease the burden of saving for a down payment.
If you have already purchased your first home and are looking for ways to save, we also offer mortgage refinancing services that could lower your payments or free up extra cash.
Buying your first home in Canada is a big step but with Brevity Mortgages by your side, it does not have to be daunting. Let us help you secure a mortgage that is right for you and give you the confidence to find the home of your dreams.
Contact us today for a free consultation and take the first step toward homeownership!
The Canadian Federal and Provincial Governments have several rebates, grants and other programs to help Canadians acquire first mortgages and transition to home ownership.
Federal Programs:
Provincial Governments: Benefits may vary according to the province selected, but includes the following,
Contact Brevity Mortgages to learn more about these schemes.
When acquiring Mortgages with less than 20% down you must have Mortgage Loan Insurance provided by either the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Canada.
Most times Canadian homebuyers save for a down payment, with certain lenders you could put down as little as 5% of the purchase price which can come from sources other than your own. These lending arrangements are subject to certain restrictions based on income level and credit score.
The 5% down payment can come from borrowed funds such as a line of credit or family member. Keep in mind that the amount borrowed for a down payment is factored into debt service ratios which will establish how much you are eligible to borrow.
The 5% down payment can come from a cash back feature of the mortgage. This will mean that you will have to take the posted rate which is undiscounted required by the lending institution.
In addition to the down payment, according to CMHC and Genworth rules you must have 1.5% of the purchase price available to cover the closing costs including, but not limited to, legal fees and disbursements, appraisal fees and a survey certificate, where applicable.
