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First-Time Home Buyer in Oshawa

A recent CMHC survey indicates that 44% of first-time buyers use Mortgage brokers. Younger buyers use the Internet to research their options before making a buying decision. Mortgage Brokers make it easy to get pre-approved online without any cost. Credit scores are protected when only one credit bureau is pulled regardless of the number of lenders that see your application. Mortgage brokers traditionally offer more competitive rates than banks, so using them can save time and money.

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Down payment options:

  • Banks no longer offer zero-down mortgages- mortgage brokers still do.
  • You can use your RRSP savings as a down payment.
  • If your credit is excellent, you can use gifted funds from a family member, or you may borrow the down payment.

Land transfer tax rebates

Currently, first-time buyers qualify for Land transfer tax rebates. Tax rebates are beneficial because if one spouse in a transaction has owned a house in the past, then the rebate will be reduced, but the true first-time buyer will still get the benefit.

broker discussing mortgage with two clients

Mortgage insurance

In Canada, only three mortgage insurers work with people who are buying a home with less than 20% down. They are CMHC, Genworth, and Canada Guaranty. The fees are similar for all three. The cost of the mortgage default insurance is included in the mortgage amount at closing. It is not a separate payment.

broker shaking hands with client

Closing costs

Closing costs vary depending on the value and location of the home. There are legal fees, title insurance, and other fees associated with the transaction. It’s always best to have your law office go over the totals with you early in the transaction so there are no surprises.

Download the MiMoving Checklist
Download the Document Checklist

Get in Touch Today!

The CMHC survey confirms that first-time buyers rely on mortgage brokers for answers, so pick up the phone or email us now. We’re here to help you get your first home and save you thousands in the process. We’re toll-free at (866) 452-1100.

We at Mortgage Intelligence provide mortgages to first-time home buyers in Oshawa, Ajax, Uxbridge, Whitby, and through Durham, Ontario.

First-time home buyer testimonials

Call (866) 452-1100 to get started on your new mortgage.