First Time Home Buyers - Mortgage Squad Advisors (Ontario) Inc

First Time Home Buyer Programs

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First Time Home Buyer Programs

Buying your first home is a big step to take. It is likely to be the biggest first investment you will make and can be an exciting and stressful time for you. Luckily, there are a range of options available to make that decision. If you are a First Time Home Buyer looking to make that journey let Mortgage Squad Advisors Agents help you find a solution that is right for you.

What is a Private Mortgage?

A private mortgage is a type of mortgage loan that is provided by an individual, group of investors, or corporation instead of traditional lenders like banks and credit unions. Private lenders can be an option if you are unable to qualify for a mortgage through more conventional lenders. Private mortgages have a different set of criteria and rules from the types of mortgages that you would get from a bank and can be a great option for those who are self-employed or have an irregular income, a bad credit score, or have a non-traditional property.

They generally have faster and easier approval and have greater flexibility with terms. Downsides of going with a private mortgage are the higher interest rates, often in the 8-20% range, and the complexity that can arise due to the broader range of possible terms.

Why Should You Apply for a Private Mortgage?

There are many reasons why people go for a private mortgage and can include having bad credit, a variable or unstable income, a non-traditional property, or if you’re planning on reselling the property in the near future:

Bad Credit: Applicants like young people and newcomers may have a bad credit score or a lack of a credit history. These factors can negatively impact your ability to get regular loans which makes a private mortgage an attractive option.

Variable Income: Being self-employed or having an unstable income makes banks reluctant to provide loans. A private lender is more flexible and can help you get the mortgage you need.

Non-Traditional property: Having a non-traditional property that a bank may not be willing to finance makes it difficult to obtain a mortgage. In these situations a private mortgage lender may be more open to financing your loan.

Benefits of a Mortgage Refinance

There are many reasons why people choose to go with a mortgage refinance. Depending on your existing mortgage, your property and finances, and the market you may be able to take advantage and benefit.

Lower Mortgage Rate: If the market or your credit score has improved since you first got your mortgage you can take advantage of a mortgage refinance to get a lower interest rate.

Pay for Home Improvements and Renovations: With a mortgage refinance you can access some of the equity in your home to pay for renovations and repairs. The upgrades can help increase the value of your home.

Debt Consolidation: Using your equity you can pay off your higher interest debts and consolidate them into one loan that has a lower interest rate in your mortgage.

Funding Large Expenses: Accessing your equity through a mortgage refinance can be a way to pay for large expenses like an education or a vehicle.

Change Duration or Payment Structure: If your financial situation has changed and you would like to change the duration or structure of your loan you may be able to negotiate a change with your lender with a mortgage refinance.

Your First Home is Within Reach!

Discover tailored programs and expert guidance for first-time buyers. Secure great rates and make your homeownership dream a reality.

Our Agents

We Get You The Best Deal Possible

Getting a mortgage doesn’t have to be hard. We make it fast, easy, and stress-free!

Whether you’re buying your first home, refinancing, or investing, we’ll help you get the best deal—no hidden fees, no headaches.

Don’t wait—call us now and get started!

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Tips for Getting a Investment PropertyMortgage Refinance?

Because the burden to prove eligibility is greater on self-employed individuals, it pays to be well prepared before applying for a loan. The following should be considered before going into apply for a Self-Employed Mortgage:

First-Time Home Buyers’ Tax Credit

In 2009 the Government of Canada introduced the First-Time Home Buyers’ Tax Credit to help with closing costs associated with buying a home. If you qualify as a first time home buyer and your property meets the requirement, you need to apply within the year you purchase to receive the $750 non-refundable tax credit.

In order to be qualified as a first time home buyer for this tax credit:

You or your spouse must purchase a qualifying home in either of your names.
You have not owned or lived in a home owned by you or your spouse in the previous four years
You can provide proof of purchase documents for the home

GST/HST New Housing Rebate for a First Time Home Buyer

If you purchase a newly built home, do substantial renovations on your home, or rebuild a home that has been destroyed by a fire you may be able to claim the GST/HST New Housing Rebate. The value of your home factors in how much you may receive, decreasing to a partial rebate if your property is valued at above $350,000. While you do not need to be a first time home buyer to claim this rebate, you can apply for it in addition to the other benefits available.

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Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due.

So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.

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Frequently Asked Questions

Who qualifies as a first time home buyer in Canada?

You are considered a First Time Home Buyer if you have never purchased a home before, you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years, or if you have experienced the breakdown of a marriage or common-law partnership.

Can I qualify as a first time home buyer more than once?

Depending on your situation you may be able to apply for many first time home buyer incentives more than once. If you have received a first time home buyer benefit before there are some benefits you may be eligible for and in some cases your spouse may be eligible for them even if you are not.

What should a first time home buyer know?

If you are a first time home buyer you can take advantage of various first time home buyer programs that are available to you. These include the First Time Home Buyer Incentive, RRSP Home Buyer’s Plan, a Land Transfer Tax Rebate, the First-Time Home Buyers’ Tax Credit, and the GST/HST New Housing Rebate.

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First Time Home Buyer Programs

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First Time Home Buyer Programs

What is a Private Mortgage?

Why Should You Apply for a Private Mortgage?

Bad Credit: Applicants like young people and newcomers may have a bad credit score or a lack of a credit history. These factors can negatively impact your ability to get regular loans which makes a private mortgage an attractive option.

Variable Income: Being self-employed or having an unstable income makes banks reluctant to provide loans. A private lender is more flexible and can help you get the mortgage you need.

Non-Traditional property: Having a non-traditional property that a bank may not be willing to finance makes it difficult to obtain a mortgage. In these situations a private mortgage lender may be more open to financing your loan.

Benefits of a Mortgage Refinance

Lower Mortgage Rate: If the market or your credit score has improved since you first got your mortgage you can take advantage of a mortgage refinance to get a lower interest rate.

Pay for Home Improvements and Renovations: With a mortgage refinance you can access some of the equity in your home to pay for renovations and repairs. The upgrades can help increase the value of your home.

Debt Consolidation: Using your equity you can pay off your higher interest debts and consolidate them into one loan that has a lower interest rate in your mortgage.

Funding Large Expenses: Accessing your equity through a mortgage refinance can be a way to pay for large expenses like an education or a vehicle.

Change Duration or Payment Structure: If your financial situation has changed and you would like to change the duration or structure of your loan you may be able to negotiate a change with your lender with a mortgage refinance.

Your First Home is Within Reach!

Our Agents

We Get You The Best Deal Possible