Mortgages Made Easy Blog

Our brokers post interesting news, tips, and industry updates every week.
SEP
24

First-time Homebuyer? This New Incentive Could Help!

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Buying a home can be expensive but fret not! That’s where Canada’s First-Time Home Buyer Incentive comes in. 

This incentive helps qualified first-time homebuyers purchase their first home without increasing the amount they must save for a down payment. 

Starting September 2nd, eligible first-time buyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, can apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada. 

This means that, for the purchase of an existing home, an incentive amount of 5 percent may be available. For the purchase of a newly constructed home, an incentive amount of 5 percent or 10 percent may be available!

With no required on-going repayments, the incentive isn’t interest bearing, and the borrower can repay the incentive at any time without a prepayment penalty. That being said, the buyer must repay the incentive after 25 years. If the property is sold, the government shares in the upside and downside of the change in the property value.

The incentive will be available to first-time homebuyers with qualified annual household incomes up to $120,000. At the same time, a participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income.

Sound interesting? Visit www.placetocallhome.ca or book a free consultation with us for more details. We’d be more than happy to guide you through your whole home-buying process.

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JUN
27

5 Mistakes First-time Homebuyers Make (And How to Avoid Them)

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Buying a home comes with a lot of decisions. It can be a pretty intimidating process for first-timers but we believe that buying your first home should be exciting, not stressful. That’s why we want to help. 

These are the top five mistakes first-timers make when buying a home for the first time (and how to avoid making them):

Mistake #1: Getting emotionally attached

You found a place that’s perfect for you? Great! Unfortunately, loving a house doesn’t guarantee that you’ll get it. Buying a home is a negotiation. There’s always a risk that someone could make an offer before you, or your offer could get rejected. You might also pay more than you should or make bad decisions just because you’re attached to the house. Stay strong, stay focused.

Mistake #2: Newer means better

There’s no denying that new homes are nicer. The updated appliances, granite countertops, kitchen island, in-ground pool, and hardwood floors sure are nifty but they come with a hefty price tag. Consider compromising. You end up spending less money if you buy a fixer-upper and do the renovations yourself. Look past the cheetah print wallpaper and shag carpet. Try to recognize the potential in the house.

Mistake #3: Not hiring a real estate agent

Real estate agents make the biggest difference when it comes to house-hunting. Rather than going to dozens of open houses alone, hire a real estate agent. These pros will help you avoid wasting time by showing you places that work for your budget and lifestyle. They’ll also act as your representative and make sure you pay a fair price for your home during negotiations. What’s not to love?

Mistake #4: Skipping the home inspection

Just because your new home looks fine, doesn’t mean it is. Looks can be deceiving, which is why a home inspection is a necessity. A home inspection will let you know whether the property is truly worth the price tag. You’ll also get a heads up about repairs that may need to be done in the future.

Mistake #5: Not getting pre-approved

Getting pre-approved before you even start your house-hunting journey will make your life a whole lot easier. Not only will you know your borrowing capacity, you’ll be able to plan your monthly payments, and get more credibility as a buyer. You’ll save time by only looking at houses that are in your budget. Mortgage brokers make it their mission to find you the best rate on the market. Banks typically only offer their in-house mortgage products.

If you do these five things, buying your first home could go off without a hitch. Especially if we do #5 together. At MortgagesMadeEasy.com, that’s all we do. You can use our secure online form to apply for your mortgage pre-approval. We’ll get back to you on the same day with a mortgage tailored to your specific situation. 

Questions? Book a free consultation. We’ll gladly walk you through the process and explain everything you need to know to buy your dream home.

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Contact Us

  • Ottawa-Carleton Mortgage Inc
    381 Richmond Road Ottawa,
    Ontario K2A 0E7
  • Phone: 613-563-3447
    (24 hours)
  • Fax: 613-563-3195

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