First Time Home Buyer
You have dreamed about it and you have planned for it. Now you’re ready to make the biggest financial decision of your life! We can help you open the door to home ownership and a better future.
Getting Pre-Approved & Great Rate Held
Buying your first home can be an overwhelming task. Allow a Wolfpack Mortgage Solution professional to guide you through each phase.
It starts with assessing your financial picture and getting a Pre-Approval/Rate hold, at the best rates in the industry, all within 24 hours of applying through our office. We are paid by the banks and lenders, so you don’t pay any additional fees to use our services.
We're Connected To Build a Strong Team For You
It is VERY important to be surrounded by a reputable team of professionals: a realtor, lawyer, home inspector, home insurance company/broker, moving company, etc. We have great connections to the best people in the Kingston area, as well as other cities…and are more than willing to share our network with you. Buying your first home with us on your side can make this a fun and exciting experience. Having a seamless flow is what we are after and are very successful and experienced in achieving this! We will guide you through the many steps towards buying your first home and make sure that nothing gets forgotten along the way.
Since we work with many lenders, we offer the choice, convenience, and counsel that you deserve to make your first time home buying experience easy and rewarding.
Only a 5% down payment is required for homeownership in Canada. Don’t have it saved? Other options include a gifted down payment from an immediate family member, the City of Kingston Down Payment Assistance Program or the Home Buyers Plan.
The Home Buyers Plan allows you to borrow up to $25,000 ($50,000 combined, if you are a couple) tax-free from an RRSP for the down payment. You must repay that over 15 years to avoiding paying tax. Other requirements are that you must be a resident of Canada, have not owned a home for the five years preceding the purchase, and the money must be in your RRSP for at least 90 days.
We can help you discover other options that may be available.
Land Transfer Tax Credit
First-time home buyers may be eligible to receive a credit of $4,000 on land transfer tax. This is very significant savings on closing costs. Contact us for further details.
First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps qualified first-time home buyers reduce their monthly mortgage carrying costs without adding to their financial burden. To qualify, you need to have the minimum down payment (savings or gifted), qualifying income of no more than $120,000 and the max purchase price is 4 times the qualifying income plus the down payment. Once you’ve determined that you meet the criteria, you can apply for a 5% or 10% shared equity mortgage with the Government of Canada. Find out more and get the documents to apply at www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive.
Get A Great Mortgage For Your First Home
We love to help first time home buyers find the right mortgage for their situation. It's why so many first time home buyers look to Wolfpack Mortgage Solutions. Get in touch today to find out more about our rates and how we can help you get the best mortgage for your first home.