Brevity Mortgages offers the lowest mortgage rates and best service to first time home buyers. We’ll make getting your first mortgage a delightful experience. At Brevity, we’re here to help you take that first step to home ownership. We understand the questions and concerns that you have about your first mortgage, what it will cost you, whether you can afford it, and all of the other issues surrounding the initial plunge into home ownership, and will answer them for you in a straightforward and understandable way. We will work to smoothly and effortlessly navigate you through the mortgage process, holding your hand all the way. Brevity offers you, the first time home buyer, Canada’s best and cheapest mortgages, packaged for simplicity and speed.
Contact NowIt can be exciting to purchase your first home. Homes up to $500,000 are eligible for a 5% downpayment. The 10% price increase above $500,000. will require homebuyers to pay 10%.
You can get the best portability options from the lender to help you choose the best time to close your mortgage.
Low-frills mortgages are a good option if you don't intend to move, refinance or make large prepayments within the next five years.
Because they can't afford to take on interest risk, most first-time buyers choose a 5-year fixed rate.
Variables are best if you can find one that will keep your monthly payment constant regardless of changes in interest rates. This makes budgeting easier and provides peace of mind in the event that interest rates rise.
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.
