If you are a first-time homebuyer, the world of Real Estate is a daunting and scary place. Most people dream of purchasing their own home someday, but saving enough for a down payment can be very hard. And frequently, some of us wonder how much to save? Should I buy now or save more, so my mortgage payment is less?
To make this dilemma easier, The Government of Canada has created a program that will greatly aid people to reach their homeownership dreams: The First-Time Homebuyers Incentive.
With the First-time Homebuyers Incentive, the Government of Canada is granting a loan to qualified first-time homebuyers. This incentive will allow first-time buyers to reach their home’s down payment goal faster and easier than ever, and of course, this also applies here in Edmonton!
What is the first-time homebuyer incentive?
The incentive will support qualified first-time buyers to achieve their down payment goal by giving them a loan equal to 5% to 10% of the purchase.
This will help the buyer reach their desired down payment goal, which can also reduce their monthly mortgage and financial stress.
The loan must be paid after 25 years, or when the property purchased sells – whichever happens first.
How can I get this incentive?
There is a proper process that must be followed to acquire the incentive. To simplify the steps:
- Calculate what the maximum purchase price you can be qualified to is, and what you can receive as an incentive with this tool.
- Make sure you review in detail the program’s details on the Government of Canada page.
- Contact a mortgage professional to receive further assistance regarding your potential mortgage loan and incentive.
- Start looking at properties; see what the price range is the current one for properties that fulfill your needs.
- Once you have reviewed the program and have received professional advice, you must have an idea of which incentive is the right one for you – time to apply!
- Download the application documents required. Make sure you read and understand them, fill them, and take them to your lender – they will then process these documents for you.
- Once accepted, you must activate the Incentive payment via call.
Not sure how to choose the right incentive? Got more questions about the program and how it can help you?
We are here to help. Contact our team to get connected with the best mortgage brokers to get a pre-approval started.
We take pride in helping our buyers achieve their property goals. We are prepared to take on all your questions and will guide you through every step of your home purchase, including guidance through your First-Time Buyer incentive.
Buying with us is a stress-free process, where we will guide you, answer any doubt you may have, and make sure you experience the best buying experience in the city.