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First Time Home Buyer

When it comes to buying your first house, there are various factors to consider, like your budget, the neighbourhood, and your commute to and from work, among others. Call (877) 385u20136267 and a Sunlite Mortgage agent will be pleased to assist you with a mortgage!

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First Time Home Buyer

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  1. First Time Home Buyer

  2. Are you looking for your first home? Owning your first home is a source of immense pride. A home purchase is likely to be the most significant financial transaction most Canadians will ever undertake. Although it is a difficult undertaking, home ownership has numerous advantages.

  3. What are your Financial Resources? When it comes to buying your first house, there are various factors to consider, like your budget, the neighbourhood, and your commute to and from work, among others.

  4. High-Ratio or Traditional Loan? When it comes to down payments, the buying price is crucial. A down payment of at least 5% of the purchase price is required for all mortgage applications. A high ratio mortgage is one that borrows between 5% and 19.99 percent of the purchase price and requires mortgage default insurance. The term of your mortgage cannot exceed 25 years.

  5. Other costs: In addition to the mortgage payment, you’ll need to budget for land transfer taxes and legal fees. If you are a first-time homebuyer, you may be eligible for part or all of the land transfer tax exemptions. Call (877) 385–6267 and a Sunlite Mortgage agent will be pleased to assist you with a mortgage!

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