First time home buyer benifets and how to get a mortgage when you are a first time home buyer?

First time home buyers seem to already know the value that a mortgage professional can provide through this important and sometimes confusing buying process. I will take the time to make sure you understand the benefit of the Property Transfer Tax to fist time home buyers and make sure you get the Best Mortgage Rate and understand what Mortgage Product is most suited to your financing needs.

Mortgage Broker Cranbrook Equity Loans
Vancouver First Time Home Buyer Contact Form

Types of Down Payments for First Time Home Buying

 Savings of a minimum of 5%  or more as a down payment a in your account for at least the last 90 days, and provide a current bank statement showing that balances is from your own resources.

RRSP funds as a down payment. You must provide a statement for the past 90 days showing that funds are coming from your own resources. The withdrawal process can take up to 10 business days depending on the lender and the type of RRSP. For the Home Buyer Plan withdrawal limit for first home buyer is $25,000 and the funds will have to be repaid within the next 15 years with 1 year grace from the time of the withdrawal.

 Gifted Down Payments This can only come from immediate family members and will require a signed gift letter and a copy of a bank statement showing that the gifted amount was deposited into your account.

 Borrowing or Cash Back Down Payments  for first time home buyers can be done by Line of Credit, Credit Card or Loan. The loan amount and payment will have to be added into your TDS & GDS ratio as well you will have to pay a slightly higher insurance premium and posted rates are only offered for this product. You will also have to provide proof of closing costs of 1.5% of the purchase price.

Apply Now Get A Rate Hold

The only two things you need to get a first time home buyer preapproval is:

1. Proof of downpayment

2. Job Letter & Pay Stub

Its so easy apply now & let your BC Mortgage Broker do the rest.

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BC first time homebuyers can expect to pay additional expenses when purchasing their home. Most of the expenses in purchasing a home are onetime costs but others are continuing costs.
A down payment of 5 to 10% is usually your largest initial cost for a first time home buyer but you should be aware of additional costs such as:

  • Legal Fees & Disbursements
  • GST and PST (if applicable)
  • Property or Land Transfer Tax
  • Adjustments (reimbursed to the vendor)
  • Interest
  • Property Tax
  • Utility Payments
  • Strata or Condominium Fees
  • Estoppel certificate fee
  • Survey Fee
  • Home Inspection Fee
  • Water quality and quantity certificate
  • Appraisal Fee
  • Mortgage broker’s fee (if applicable)
  • Mortgage Loan Insurance Premium (if less than 25% down)
  • Mortgage Loan Insurance Application Fee (if less than 25% down)
  • Moving Expenses
  • Renovations and repairs
  • Furniture, paint, carpeting, window coverings, etc.
  • Service and Utility Hook-up Fees
  • Property/Condominium Insurance
  • Mortgage Application Fee
  • Deed and/or Mortgage Registration Fee

After the purchase of your home you will have to be prepared for additional expenses that come monthly, quarterly or on a yearly basis. Some such costs include:

  • Mortgage Payment
  • Water and/or Sewer Payments
  • Electricity and Gas Services
  • Cable and Telephone Services
  • Property Taxes
  • Strata or Condo Fees
  • Repair/Maintenance Expenses
  • Homeowner’s Insurance
Mortgage Broker for first time home buyers service areas in British Columbia (BC) Canada’s Lower Mainland of: Surrey BC , Vancouver, Richmond, Burnaby BC, Abbotsford, Chilliwack, Coquitlam BC Port Coquitlam, Pitt Meadows, Maple Ridge, West Vancouver, North Vancouver, Port Moody, New Westminster, Delta, Surrey, White Rock, Langley, Coquitlam, Mission, Or in the BC Okanagan  Armstrong Chase, Penticton, Revelstoke, Kamloops, Kelowna, Merrit, Salmon Arm, Vernon, As well as on the Isalnd Victoria, Saanich, Esquimalt, Oak Bay, Colwood, Langford, Sooke, Campbell River, Chemainus, Comox, Courtenay, Cumberland, Duncan, Ladysmith, Lake Cowichan, Nanaimo, Parksville, Port Alberni, Qualicum, Sidney, Cranbrook, Kimberley, Nelson, Castelgar, Trail, Revelstoke.