FTHBI Tools

First-Time Home Buyer Incentive Tools

What is the FTHBI? The First-Time Home Buyer Incentive (FTHBI) is a program that’s sponsored by the Government of Canada. It allows first-time home buyers to finance a portion of a home purchase through a shared equity mortgage. If a first-time home buyer meets the criteria, they can apply for a 5% shared equity mortgage […]

Shared Equity Mortgage Pros and Cons

Shared Equity Mortgage

The First-Time Home Buyer Incentive will be ready to receive applications on September 2, 2019 (barring any unforeseen circumstances). The first closing will take effect on November 1, 2019. If you are considering using this program, make sure you learn the pros and cons that come with the shared equity mortgage. PROS OF FIRST-TIME HOME […]

First-Time Home Buyer Incentive

First-Time Home Buyers Incentive

The First-Time Home Buyer Incentive allows first-time home buyers (FTHB) to reduce their monthly mortgage payment through a shared equity mortgage. A shared equity mortgage is where the government shares in the upside and downside of the property value. The incentive is an interest-free loan that does not require ongoing repayments. Buyers must repay it […]

First-Time Home Buyers Incentive Plan

First-Time Home Buyers Incentive Plan

The Liberal government announced legislation for a new Canada Mortgage and Housing Corporation (CMHC) First-Time Home Buyers Incentive Plan. It’s a shared equity mortgage program that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. If the legislation passes, it will […]

Buying a Starter Home

Buy a home that fits within your budget and is a good starter home.

Your dream home isn’t always within reach when it comes to buying a house for the first time. This can lead many first-time home buyers wanting to wait and hold off for another year before going forward and making an offer on a place. But will you be chasing a dream forever? Should you wait […]

What’s Stopping You from Owning a Home?

Owning a Home

Owning a home is considered to be a rite of passage for many Canadians. It symbolizes independence. You set the rules, make the decisions, take financial responsibility and invest in your future. Renting doesn’t give you much control over the property. You are under the landlord’s mercy when it comes to following rules written in […]

Saving for a Down Payment

Saving for a Down Payment to Purchase a Home

Saving a down payment to buy a home can be the biggest challenge first-time home buyers’ face. In Canada, the minimum down payment is five percent of a home’s purchase price that is under $500,000. If the home’s purchase price is over $500,000, the requirement is five percent on the first $500,000 and ten percent […]

The Best Time to Buy a New Home

The Best Time to Buy a Home

If you are waiting for the perfect time to buy a new home based on market predictions, you are probably going to miss out. Make sure buying a home is the right step for you at this time. Don’t make the decision based on market conditions alone. If owning a home is cheaper than renting, then […]

Changes During a Mortgage Pre-approval

Changes During a Mortgage Pre-approval

Once you’ve applied for a mortgage pre-approval, don’t make any major changes or significant purchases without speaking to your mortgage broker first. Your mortgage pre-approval is based on your current job, credit, savings, and expenses. Changing any one of these factors could affect or even void a mortgage pre-approval. Are you thinking of buying a […]

Closing Costs to Consider When Buying a Home

Are you thinking of buying a new home? It is important to be aware of closing costs during the home buying process. There is nothing worse than making an offer on a new home and finding out that the extra closing expenses are higher than you budgeted for. Moving can be expensive and there can […]