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We'll guide you through the maze of first-time homebuying to ensure your success, both during the purchase and beyond.
Why Work with a Mortgage Broker?
Why Work with a Mortgage Broker?
Navigating your first home purchase can be daunting. That's where we come in. Unlike banks that offer limited, within-house options, we're independent and we work for you. We leverage a broad network of lenders, including major banks and alternatives, to secure competitive rates tailored to your financial needs.
Qualifying for a Mortgage in Canada
Qualifying for a Mortgage in Canada
Pre-Approval
Determine your budget and purchasing power through our pre-approval process. Benefit from a rate hold.
Finding a Home
Work with a realtor (Need one? We'll refer you!) to find your dream home and submit an 'offer to purchase'.
Full Approval
We'll guide you through the approval process and negotiate with lenders to secure the best mortgage for you.
Closing
Finalize your paperwork with a trusted lawyer and prepare for the exciting day of becoming a homeowner.
Programs for First-Time Homebuyers in Canada
Programs for First-Time Homebuyers in Canada
As a first-time homebuyer, you may qualify for various federal and provincial programs designed to ease the financial burden:
A tax-free savings account to help accumulate funds for your down payment and purchasing costs.
Borrow up to $35,000 from your RRSPs without penalty to use towards your home purchase.
Receive up to $1,500 in tax credits to offset closing costs if you purchase a qualifying home.
Other Provincial
Rebates
Rebates
Depending on your location, you may qualify for extra incentives like land transfer tax rebates.
Types of Mortgage Lenders in Canada
Types of Mortgage Lenders in Canada
Understanding the types of mortgages available is crucial:A Lenders: These include major banks and financial institutions offering competitive rates to borrowers with strong credit histories.B Lenders: Alternative lenders who provide more flexible borrowing options for borrowers with unique financial situations or lower credit scores.Private Mortgages: Offered by individuals or private companies, these mortgages cater to borrowers who may not qualify through traditional lenders.
Client Testimonial
Client Testimonial
As first-time home buyers, my husband and I couldn't be happier that we used Bracken Mortgage to buy our house! From our first meeting Greg was very responsive, super knowledgeable, and explained everything in a clear and easy to understand way. We always felt like we understood every document, payment, and all of our options. Buying a house and getting a mortgage can be confusing but Greg made it easy. We are now the happy owners of a new home, and also clearly understand our mortgage, payments, and all the extras that go into buying a house. We would highly recommend Greg to anyone!Hillary B.
Frequently Asked Questions
Frequently Asked Questions
Q: Where do I begin as a first-time homebuyer?
A: Start by booking a call with us here. In your initial discovery call, we'll help you understand the entire process and assess your purchasing power to begin your journey to homeownership.
Q: How do mortgage brokers get paid?
A: Mortgage brokers are compensated through commissions from lenders for successfully securing a mortgage on behalf of a borrower. These commissions are typically a percentage of the loan amount and are paid by the lender upon mortgage funding. This payment structure incentivizes brokers to find competitive mortgage rates and terms tailored to their clients' needs.
Q: What does mortgage amortization mean?
A: Mortgage amortization refers to the process of paying off a mortgage loan over time through regular payments. Each payment consists of both principal (the amount borrowed) and interest (the cost of borrowing). Amortization schedules outline how much of each payment goes towards reducing the principal balance and paying interest. Over time, as more payments are made, the proportion of each payment applied to principal increases while the interest portion decreases.
Q: What is the difference between fixed- and variable-rate mortgages?
A: A fixed-rate mortgage offers stability with a consistent interest rate throughout the term, typically ranging from 1 to 10 years. This means your monthly payments remain unchanged, providing predictability and ease of budgeting. On the other hand, a variable rate mortgage fluctuates based on market conditions, potentially offering lower initial rates but subject to adjustment during the term. Choosing between them depends on your risk tolerance and expectations of future interest rate movements.
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