In any major life decision, doing your homework will always prove more fruitful results, this is no different for buying, selling or investing in real estate. For first time homebuyers familiarizing themselves with the rebates and tax savings available federally and provincially is always a great place to start. The first 3 of my newsletters dive deep into these for a better understanding. After that, I would suggest your next most important step is speaking with a mortgage specialist. I often have clients asking about their down payment options, what their budget should be and how a mortgage is structured. These are all great questions and their answers can be very specific to your situation, your income and your options.
A mortgage specialist will help guide you through the best options available to you, no matter what your profile presents; whether you are a full time employee, self employed, a permanent resident, a student, or a retiree. They can advise best on the amount you should put down as a down payment, how much if at all to leverage from previous properties, and what creative programs or options you may have at your disposal (i.e. graduate or professional accreditations).
Gifting for example is oftentimes an option for first time home buyers whose parents or grandparents have allocated money for them to use for their purchase. However, every financial institution has specific rules around gifting (i.e gifted funds must be in said account 90 days ahead of use, and funds must be transferred over in one transaction). It truly would be a shame to not be able to utilize those funds in your mortgage transaction simply because they didn’t meet the requirements laid out. So understanding the nuances around these requirements ahead of time is always a smart idea.
If you have any questions or are interested in having a chat with a mortgage specialist reach out and I can connect you with one.