First Time Home Buyers
- Get a Copy of Your Credit Report. If you have no credit history or a poor credit history, you may need to reinstate good credit before getting a mortgage. Speak to your mortgage lender for more options. some of the most common:
- Get a Pre-approval mortgage
- Hire a Realtor
- Provide your Realtor with a search criteria (location, type of property, features, etc…) and inform broker of your pre approved amount.
- R.R.S.P withdrawal up to $25,000 per person for your first home’s down payment
- Down Payment (minimum of 5% for the first $500,000 and 10% for the remaining portion under $1,000,000. 20% down payment for $1,000,000 and up)
- Home Inspection Fees
- Land Transfer Tax
- G.S.T / H.S.T (new property)
- Legal Fees
- First time home buyer’s tax credit
- Any tax rebates
- There are many up-front costs when you buy a home. Early planning will help make sure things go smoothly.
- Deposit (a small amount to hold your offer of purchase. It will be deducted from the remainder of your mortgage)
- Appraisal fees (given to mortgage lender to appraise the estimated value of your home. Average cost is abou $300)
- Mortgage loan insurance premium (applies to those who are putting less than 20% down payment)
- Mortgage Broker Fees
- Home Inspection fee
- Survey fees
- Title insurance
- Land registration fees
- Water testing/septic tank testing (if applicable)
- Estoppel certificate fee
- Other costs include: moving costs, purchasing appliances, renovations or repairs