First Time Home Buyers
MORTGAGES FOR FIRST-TIME HOME BUYERS
Whether it is the first time or the tenth time you are buying, Mortgage Financial Corporation can assist you in financing the home of your choice. With access to over 25 institutional lenders we can make sure you get the mortgage that is right for you, while taking advantage of low interest rates.
When you’re facing a major decision like buying a home, the first time can seem downright overwhelming. But it doesn’t have to be. The team at Mortgage Financial Corporation can guide you through the process of securing financing for your first home so that instead of getting stressed about red tape or unexpected fees, you can get excited about this big step in your life!
Why Choose A Mortgage Broker?
Professionals make things easier and – especially when it’s your first time buying a home – offer invaluable advice. Mortgage brokers work with future homeowners and the institutions that provide the loans to secure the best possible mortgage rates and conditions for the buyers’ particular circumstances.
We’re experienced and certified brokers who are here to guide you through the financing process step-by-step. From pre-approval to the final transfer of funds, you can trust that you’re getting accurate information and trustworthy guidance from our team. We work for you, and our goal is to get you the best mortgage product that works with your needs and wants.
- Competitive pricing: Sometimes, the only way to get the very best rate is to work with a mortgage broker. We can help you understand the state of mortgage rates today, present you with current rate options, and help you compare those options. That includes comparing between lenders — which you can’t do when you go to the bank directly.
- The right fit: While there is – rightly – a lot of emphasis on the interest rate of a mortgage, that is by no means the only important aspect to consider. The other factors of the loan can also have a big impact on your satisfaction down the road. Mortgage brokers understand how your needs might fit in with different mortgage terms and options, helping to guide you to the ideal choice for your circumstances.
- Simplicity: When you work with us, you don’t need to go elsewhere to confirm details, you don’t need to spend hours researching, and you don’t need to worry about having missed out on a better deal. It’s more simple to work with a mortgage broker who takes care of these factors for you, rather than trying to do the legwork yourself.
- No cost: Working with a mortgage broker will not cost you anything. In most cases, the lenders that we work with pay for our services when they write the mortgage.
Why Work With Mortgage Financial Corporation?
There are other mortgage brokers out there, and purchasing a home is a large decision. So, why choose our team?
- You’ll benefit from our experience of over thirty years
- We take the time to understand the unique needs of each individual client
- Customer service is important to us, and our staff receive excellent training
- Driven by integrity, we have earned many long-standing repeat clients thanks to our honesty and transparency
- We operate out of various locations, ensuring that we’re close by when you need us
Key Things To Know About Mortgages
There’s no shame in not knowing precisely how different mortgage products work. Financing any property is a complicated process and if you’ve never owned a home before, it makes sense that you’d have a lot of questions. We’re here to answer your questions and, even though you’re a novice, make you feel like an expert in no time. It all starts with the basic terms and concepts that go into a mortgage.
Advantages of Being a First-Time Homebuyer
There are incentives and programs to support people who’d like to buy a home for the first time. These include:
- First Time Home Buyer’s Tax Credit: You can recoup some of the costs you paid for your purchase, usually the closing costs like inspections and legal fees.
- Land Transfer Tax Credit: You may be eligible for this rebate on the Land Transfer Tax you paid.
- First Time Home Buyer Incentive: If you share the equity in your home with the Government of Canada, the government offers to reduce your monthly mortgage payments. If you purchase a resale home you receive a minimum of 5%, or a down payment of 5% to 10% if you are buying a new construction.
How Much Should I Put Down?
You can put as little down as 5% of your home’s value. However, if your down payment is under 20%, you’ll need to buy mortgage default insurance. You’ll then be required to pay the premiums for this insurance as part of your monthly mortgage payments.
There are three providers of mortgage default insurance. If you can no longer make your monthly payments, the organization that lent you the money is insured. This is to help avoid bank insolvencies. While it is an added cost, getting this insurance can also benefit you by helping you qualify for an overall lower interest rate on your mortgage.
If you’d like to avoid this insurance and the costs associated with it, you’ll need to put 20% or more down on your home.
Ultimately, the more money that you can put down on your home in the beginning, the less you spend on mortgage default insurance overall. However, getting together a down payment can be challenging. We understand the challenges and we’re here to help.
Are Interest Rates Going Up Or Down?
It’s an important question and changing interest rates is always something that buyers and brokers need to take into consideration. No one can predict the future, but we have a rough idea of where interest rates might be headed. We can guide you to try to plan your purchase over the short term, when better rates may be available.
Work With Mortgage Financial Corporation
Our team is ready to help support first-time home buyers as they prepare to make their most significant financial decision to date. We’re the trusted experts you need to guide you through the home financing process. Spend less time worrying about picking out interest rates and more time picking out the paint colours for your new home! Contact us.
Get In Touch
Mortgage Financial Corporation serves clients across HAMILTON, ANCASTER, DUNDAS, BURLINGTON, STONEY CREEK, WATERDOWN, GRIMSBY, and the surrounding areas.