First-time Home Buyer Mortgage
Get access to various incentives by the federal and Ontario government
First-time Home Buyer Mortgage Approval in Mississauga
For many people, purchasing a house is the biggest decision of their lives. As certified mortgage agents in Mississauga, we want to help make the process easier for you. We will answer any questions that you have, so you’re stress-free and confident to make the best decision for you.
The Answers You Need
To qualify as a first-time home buyer in Canada, you must not have owned a property in Canada or lived in a house owned by your partner in the last 4 years. To be eligible for Ontario’s land transfer tax, you should be 18 years old minimum.
1. What do you need to be considered as a first-time home buyer in Mississauga?
As a first-time home buyer, you only need 5% down payment if you are purchasing a property in Mississauga that’s under $500,000. For properties that are over $500,000 but under $1 million, you need 5% down payment on the first $500,000 and 10% on the amount over.
2. How much down payment do I need to purchase a property in Mississauga?
Yes, yes, and yes. Mortgage pre-approval process helps you understand exactly what you can afford. When shopping for rates with us, we work with well-known lenders who let you lock in your mortgage rate for up to 4 months. This gives you enough time to view properties and make offers.
3. Should I get pre-approved before house shopping?
Yes, you need mortgage insurance but only if you are putting less than 20% down payment.
Three mortgage insurers in Canada are Canada Mortgage and Housing Corporation, Canada Guaranty, and Genworth Financial Mortgage Insurance Company Canada. The Canada Mortgage and Housing Corporation (CMHC) offers an excellent incentive to first-time home buyers in Mississauga where they match up to 10% of your down payment. However, when you sell your home, you have to pay back the same percentage of money back to CMHC. It is a good program for those who can’t collect the required down payment and want smaller monthly mortgage payments.
4. Do I need to get mortgage insurance?
Most first-time home buyers choose a 25-year mortgage period when purchasing a house in Mississauga. If you want a longer mortgage period, you’ll need to put a 20% down payment. It will lower your monthly payment but the total interest paid will be higher. There’s no one solution that fits all. That’s why we work with you to find a personalised mortgage solution to ensure your hard-earned money is invested correctly.
5. How long will it take for me to pay off my mortgage in Mississauga?
Benefits of Working With Team BobCat
Always negotiate in your best interests
We strive to represent your best interests while negotiating a mortgage approval process on your behalf. You don’t need to worry about hidden fees, surprise expenses, or any undisclosed amounts.
Lock in the lowest mortgage rate through pre-approval
When you get pre-approved with Team BobCat Mortgages, you can lock the low interest rate for up to 120 days. During this time, you can house shop and put in an offer without worrying about the rising mortgage rates.
Mortgage solutions for self-employed and newcomers to Canada
If you’re in a situation that is unfavourable for lending, we promise to get you approved through our reputable B lenders or private lenders.
Save money with low mortgage rates
When you apply for a mortgage through us we send your application to a number of mortgage lenders. We’ll find you the most competitive rate and save you thousands of dollars in the long run.
Completely digital mortgage application process
Our application is simple and straightforward and can be done completely online. We are only a call away and always available to answer any questions you have.
Best financial advice for future
Our biggest reason to become mortgage agents is to help Canadians and PRs improve their financial situation through real estate. Once you become our client, you’re forever a member of our Team BobCat Mortgages family.
As a first-time home buyer in Mississauga, you’re eligible for various incentives by the federal and Ontario government to make home buying affordable.
1. RRSP Home Buyer’s Plan
Borrow up to $35,000 from RRSP account for your down payment. You get 15 years to repay the amount. If you’re purchasing the house with your partner or friend and both are first-time home buyers, each person can borrow $35,000 from their respective accounts.
2. First-Time Home Buyers Tax Credit
You can claim a $5,000 non-refundable tax credit to assist you in covering the closing costs.
3. Land Transfer Tax Rebate
When you purchase a house in Mississauga, you have to pay a land transfer fee, which can’t be included in your mortgage payments and need to be paid lump sum. You are eligible for up to $4,000 in tax rebates on your annual returns.
4. GST/HST New Housing Rebate
Only eligible for new construction or heavily renovated homes under $450,000. You can get up to $6,300 in GST returns and up to $24,000 in HST returns in Ontario.
Government Incentives For First-time Home Buyers in Mississauga
You’re one step closer to purchasing your dream home in Mississauga.