The House of Your Dreams Awaits You
Purchasing a property is one of the most significant decisions and costliest investments that you are going to make in your lifetime. Owning your dream home should be an experience that you must never regret later, and hence, you cannot simply afford to make any mistakes when acquiring real estate.
Unfortunately, the home buying process continues to be as frightening for the average Canadian as it was centuries ago, and without the professional guidance of ace realtors, potential buyers often are quick to ignore and not able to assess all the critical aspects of property shopping properly. Thankfully, with Save Max Signature on your side, you need not bother about anything at all!
Arrange the Down Payment for Your Dream Home
A minimum down payment of 5% of the purchase price of the property is required to buy real estate in Canada. You should opt for a high-ratio mortgage when you cannot afford a 20% down payment, and if so, you would need to purchase mortgage loan insurance as well. Depending on the purchase price of the property you are interested to own, you may also be asked to part with a larger sum of money for the down payment.
A 5% down payment is required for houses priced at $500,000 or less. Homes priced between $500,000 and $999,999 will need a 5% as well as a 10% down payment for the first $500,000 and the amount over $500,000 respectively. Note that mortgage loan insurance is not available for real estate assets worth $1 million or more, so you must finance 20% of the purchase price of any such property at the very least.
Federal Incentives for First-Time Homebuyers in Canada
When it comes to buying real estate, there is a plethora of financial assistance programs offered by the government of Canada, such as the First-Time Home Buyer Incentive, Home Buyers’ Plan, and Home Buyers’ Amount Tax Credit, the last one being previously referred to as the First-Time Home Buyers’ Tax Credit.
Feel free to contact us for further information on the aforementioned federal schemes to assist first-time homebuyers in Canada.
However, do not be disappointed if you believe that you are not eligible to apply for any of these. We have collaborated with leading mortgage providers to provide affordable home loans for our buyers, whether they are contemplating buying their first house or the fifty-first!
Do not hesitate to give us a call to schedule a FREE consultation with any of our real estate consultants.