2908 Hwy 7 Vaughan, ON L4K 0K5, Canada
First-Time Homebuyer Programs
for First-time mortgages
Your Path to Homeownership Starts Here
Learn about First-Time Homebuyer Programs
Buying Your First Home? We Can Help!
Purchasing your first home can be an exciting yet overwhelming process. Our team is here to guide you every step of the way, from exploring your mortgage options to finalizing the sale. Whether you’re ready to buy or just starting to explore, we’ll help you understand your options and make homeownership a reality.Debt consolidation can be a great option for those with multiple high-interest debts, such as credit cards, personal loans, and medical bills. If you are struggling to keep up with multiple monthly payments or paying high interest rates, consolidating your debts could provide the relief you need. It’s an ideal solution if you have a steady income and can commit to repaying the loan.
Steps for First-time homebuyers.
1.
Get Pre-Approved
We’ll review your financial situation and help you get pre-approved for a mortgage, so you know exactly how much home you can afford.
2.
Find Your Dream Home
Once pre-approved, you can begin shopping for homes within your budget, with confidence that you’re ready to make an offer.
3.
Secure Your Mortgage
After finding the right home, explore a variety of mortgage types and terms and then finalize your loan with our help of our experts.
get started and find your dream home today
Our First-Time Home Buyer Mortgage Options
We offer a range of mortgage options designed specifically for first-time homebuyers. Our experts will help you choose the best solution for your financial situation:
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FAQs
What is the first step in buying my first home?"
The first step is getting pre-approved for a mortgage. This helps you understand how much you can afford and shows sellers that you’re a serious buyer.
How much of a down payment do I need?
For most first-time homebuyers, a down payment of 5-20% is typical. However, there are programs available that allow for lower down payments, such as government-backed loans.
What is a fixed-rate mortgage?
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. This means your monthly payment stays predictable, making it easier to budget for the long term.
Can I buy a home if I have student loan debt?
Yes, many first-time homebuyers with student loan debt can still qualify for a mortgage. Lenders will consider your overall debt-to-income ratio, so it’s important to manage your student loan payments and other debts.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate of how much you can borrow based on basic financial information, while pre-approval is a more in-depth process where the lender reviews your finances and gives you a specific loan amount.
What credit score do I need to buy my first home?
While different lenders have varying requirements, a score of 620 or higher is generally required for conventional loans. Some government programs may allow for lower scores, but a higher score typically means better loan terms.
Can I use a gift for my down payment?
Yes, you can use a gift from a family member or friend for your down payment, but the lender will usually require a gift letter to confirm the funds are not a loan.
What is PMI, and do I have to pay it?
PMI, or Private Mortgage Insurance, is required if your down payment is less than 20%. It protects the lender in case of default, but there are ways to avoid or eliminate PMI, such as through special loan programs or higher down payments.
How long does the home buying process take?
The home buying process can take anywhere from 30 to 60 days after you’ve made an offer, depending on various factors such as inspections, financing, and paperwork.