First Time Home Buyer - FAQ

Let a Mortgage Broker Help you

I realize the process can be overwhelming and complicated.  As your mortgage broker I will walk you through the whole process from start to finish.  I will make sure that every step of the way you understand what is happening. 
Get a Mortgage Pre-Approval

Once you have decided you want to buy a house the next step is to find out how much you can spend and when you plan to take ownership.  I will go through all the steps needed to find out how much you qualify for, how much of a down payment you need and I will work to get your interest rate locked in for the next 120 days.  One really great benefit to having your pre-approval is you won't have to worry about any rate increases within the rate hold period.  Also, you will be given the benefit if rates drop before you get possession of your new house. 

First Time Home Buyer Benefits

As a First time home buyer there are certain privileges you are entitled to.  The first of which is Tax Credit.  The tax credit allows you tax breaks on your closing cost up to $5,000.  So you can get a tax break on the money you spend on legal fees, inspection, appraisal, title insurance and other qualifying home buying expenses.

Another benefit is the Home Buyers Plan. This program allows qualified buyers the use of up to $25,000 in RRSP contributions to buy their house.  Under this program the withdrawal of the RRSP will not work against their income.  They will be allowed up to 15 years to pay it back before it gets penalized as income and you have to pay tax on it.

It's about making the right decision 

More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.  We offer creative mortgage solutions and can offer all sorts of financing options. 

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve. 

Shawn Mooney |Bayfield Mortgage Professionals Ltd.
Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com