Being a first-time home buyer can be thrilling and daunting; let us help you navigate your first mortgage with ease. We’ll explore every option available to you and be there to answer the many questions you may have.
As a first-time home-buyer, your first question might be “How much can I afford to invest in a home?” We’ll help you answer that question and guide you through the steps to get pre-approved for a mortgage. Knowing how much home you can afford to buy, prepares you to make an offer faster once you’ve found the home that’s right for you.
Once you’ve found your new home, there are several different mortgage types to choose from. We’ll work with you to determine the best fit for your situation and whether a fixed or variable rate mortgage is right for you. A fixed rate mortgage offers the security of a fixed interest rate and payments that won’t change throughout the term of your loan. These are generally available in terms from 1-5 years and sometimes even longer. A variable rate mortgage offers an interest rate that changes with prime; if rates go down, so will your mortgage. The timing of your pay day and how quickly you want to pay off your mortgage will help you choose from multiple payment schedules.
First Credit Union offers a CreditMaster® mortgage. This unique mortgage is flexible, readvanceable, and builds your borrowing power as you pay down your mortgage and property values increase. In other words, the money you put into your mortgage today is money you can still use tomorrow. This makes CreditMaster® a powerful financial planning tool, and possibly the only loan you’ll ever need.
If you’re a first time home buyer, you may be eligible for Canada’s First-Time Home Buyer Incentive. This incentive helps people across Canada purchase their first home with the offer of 5 or 10% of the home’s purchase price to put toward a down payment. This, in addition to your down payment, lowers your mortgage carrying costs and makes homeownership more affordable.
The Government of Canada also provides information about how to choose or renew a mortgage, pay off your mortgage faster, and more.