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First Time Home Buyer Programs

Our experienced agents are here to help you apply for First Time Home Buyer Programs in Ontario.
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First Time Home Buyer Programs

Buying your first home is a huge milestone; exciting, overwhelming, and life-changing. At Mortgage Squad Advisors, we make the process easier by helping you access the best first time home buyer programs in Ontario, including support for newcomers, single moms, and native first time buyers.

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What is a Private Mortgage?

A private mortgage is a home loan that does not come from a bank. It comes from a private lender or investor. People use private mortgages when banks say no. This type of mortgage is often faster to get. The rules are more flexible. It is helpful if your situation does not match bank requirements.

Private lenders care more about the home value and your plan to repay. They do not focus only on credit score or job type. Because of this, more people can qualify. A private mortgage is usually a short-term solution. Many people use it for a short time, then move to a bank mortgage later when their situation improves.

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.
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In Canada, where a suitable mortgage agreement is challenging, our expert team guides you to make the best deal within your budget. No hidden charges, no stress

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A private mortgage is helpful when a traditional bank won’t approve your loan. It’s faster, more flexible, and easier to qualify for, especially if your situation doesn’t fit standard bank rules.

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
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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Win A Free Mortgage

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.
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.
You can register your renewal date online with Mortgage Squad. This helps you lock a good rate and join the free mortgage payment contest.
Anyone who registers their mortgage renewal date with Mortgage Squad is entered. Rules and terms apply.
You can lock in a low rate up to four months before your mortgage renewal date.
If rates go up, your locked rate stays the same. If rates go down, you still get the lower rate.

No, Registering your renewal date with Mortgage Squad is free.

Yes, Mortgage Squad agents help you through the process. They work to get you the best rate and better savings.

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When is your mortgage up for renewal?