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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 Agents help you find a solution that is right for you.

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    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.
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    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:

    How does a Private Mortgage work?

    A private mortgage is a deal where you obtain a loan for a property from a private lender. Instead of a bank or a credit union you apply for a mortgage loan from a private individual, a group of investors, or a corporation. When you apply with a private lender there will be criteria that your application will be judged on, similar to what banks would look at, and if you qualify you will be offered terms for a private mortgage loan.

    What Are Private Lenders?

    There are three different types of private lenders that you can obtain a private mortgage from: an individual private lender, a syndicate or group of lenders, or a private mortgage lending corporation. Individual: A private individual who you make a deal with. Syndicate: A small group of investors who work together to finance deals. Corporation: A company funded by investors who can finance multiple projects.

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    Win A Free Mortgage Payment

    Register your mortgage renewal date with 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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    Tips for Getting a Investment Property

    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:

    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

    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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    Commonly Asked Questions

    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.
    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.
    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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