I WOULD LIKE TO:
First Time Home Buyer
Buying your first home is a huge financial step in your life and at Integrity Mortgage we want to make sure
that it runs as smoothly as possible.
Along with all the new information you will learn there are a few steps that you need to complete so that we can assist you with your mortgage. Because nobody knows your current financial situation better than you it's important that you provide us with as much documentation up front as possible. Your documents will help us determine the best mortgage options for your circumstances. This is best practices so that there are no assumptions during your approval process.Total Costs
In BC you need access to a minimum of 6.5% of your purchase price in available funds to buy your first home. 5% of this is your down payment and the remaining 1.5% is to cover closing. If you don't quite have your down payment and closing costs saved contact us as we may have access to special mortgage programs to help accumulate the funds that you need to buy your first home.Down Payments
Your down payment can come from your own resources such as personal savings, your RRSP, a gift from an immediate family member or from a borrowed source for qualified applicants. If you're requiring to borrow funds to cover part of your required down payment or closing costs it's best that you contact us so that we can do a full mortgage application to determine if your credit is in line to do so.First Time Home Buyer Benefits
There are several first time home buyer programs in Canada you may be able to take advantage of when buying your first home. Each program has specific qualification guidelines so it's best to review each program individually to see if you qualify. Home Buyers' Plan The Home Buyers' Plan is a way to access your Registered Retirement Savings (RRSP) savings tax free when you buy your first home. Each buyer can access up to $25,000 once they have entered into a Contact of Purchase and Sale and the funds can be used as you please. Certain restrictions apply such as the funds must have been in your RRSP for a minimum of 90 days. If you are buying with someone that has owned a home then you may not qualify for this program, you may re- qualify for this program if you have repaid the original withdrawal and haven't owned a home you have lived in for several years. It is best to go over the Home Buyers’ Plan check-list to make sure you qualify. Property Transfer Tax Exemptions As a first time home buyer in BC you may qualify to be exempt from all or part of the property transfer tax. If you do not qualify for this program the transfer tax is 1% of the first $200,000 and 2% of the remainder. Please check the government website for updated information and full qualifying check list. Home Buyers Benefit This is a benefit you receive when you file your income taxes the following year after you purchase your home. You can receive up to a $5000 tax credit so that means that you may save up to $500 on your income taxes. This credit can only be received by one of the buyers or you can split the $5000 credit between the two of you. If you have lived with a spouse that has already claimed this credit you won't be able to apply for it yourself.
I WOULD LIKE TO:
Licensed Sub Mortgage Broker with Dominion Lending Centres
Integrity Mortgage BC, © Copyright, Dominion Lending Centres Inc.
Each Office Independently Owned and Operated
First Time Home Buyer
Buying your first home is a huge financial step in your
life and at Integrity Mortgage we want to make sure
that it runs as smoothly as possible.
Along with all the new information you will learn there are a few steps that you need to complete so that we can assist you with your mortgage. Because nobody knows your current financial situation better than you it's important that you provide us with as much documentation up front as possible. Your documents will help us determine the best mortgage options for your circumstances. This is best practices so that there are no assumptions during your approval process.Total Costs
In BC you need access to a minimum of 6.5% of your purchase price in available funds to buy your first home. 5% of this is your down payment and the remaining 1.5% is to cover closing. If you don't quite have your down payment and closing costs saved contact us as we may have access to special mortgage programs to help accumulate the funds that you need to buy your first home.Down Payments
Your down payment can come from your own resources such as personal savings, your RRSP, a gift from an immediate family member or from a borrowed source for qualified applicants. If you're requiring to borrow funds to cover part of your required down payment or closing costs it's best that you contact us so that we can do a full mortgage application to determine if your credit is in line to do so.First Time Home Buyer Benefits
There are several first time home buyer programs in Canada you may be able to take advantage of when buying your first home. Each program has specific qualification guidelines so it's best to review each program individually to see if you qualify. Home Buyers' Plan The Home Buyers' Plan is a way to access your Registered Retirement Savings (RRSP) savings tax free when you buy your first home. Each buyer can access up to $25,000 once they have entered into a Contact of Purchase and Sale and the funds can be used as you please. Certain restrictions apply such as the funds must have been in your RRSP for a minimum of 90 days. If you are buying with someone that has owned a home then you may not qualify for this program, you may re-qualify for this program if you have repaid the original withdrawal and haven't owned a home you have lived in for several years. It is best to go over the Home Buyers’ Plan check-list to make sure you qualify. Property Transfer Tax Exemptions As a first time home buyer in BC you may qualify to be exempt from all or part of the property transfer tax. If you do not qualify for this program the transfer tax is 1% of the first $200,000 and 2% of the remainder. Please check the government website for updated information and full qualifying check list. Home Buyers Benefit This is a benefit you receive when you file your income taxes the following year after you purchase your home. You can receive up to a $5000 tax credit so that means that you may save up to $500 on your income taxes. This credit can only be received by one of the buyers or you can split the $5000 credit between the two of you. If you have lived with a spouse that has already claimed this credit you won't be able to apply for it yourself.
