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First Time Home Buyer

Wooden Stairs

Where do i start? 

Set up a call with one of our mortgage specialists to go over your situation. One of the first steps is to understand what information we need.  This includes things like your employment, downpayment,   credit score and information about the property you are interested in purchasing. 

How much do i need for my downpayment ? 

The down payment required for a home depends on the purchase price of the property. For properties up to $500,000, the minimum down payment is 5% of the purchase price. For properties between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of the remaining balance. For properties over $1,000,000, a down payment of at least 20% is required.

Can i use my RRSP for downpayment? 

Yes, you can use your RRSP for a down payment through the Home Buyers' Plan (HBP). The HBP allows you to withdraw up to $35,000 from your RRSP tax-free to use towards a down payment on your first home.

Are there any programs to help with a downpayment in British Columbia? 

 Yes, there are a few programs available to help with a down payment in British Columbia, such as the BC Home Owner Mortgage and Equity (HOME) Partnership program and the First-Time Home Buyers' Program. It's best to consult a mortgage broker or financial advisor to determine if these programs are right for you.

Is there a difference between dealing
directly with my bank vs dealing
with a broker? 

When choosing between getting a mortgage from a bank or a broker, it’s important to understand the difference. A banker represents one institution and can only offer the products that that institution provides. A broker, on the other hand, can offer products from a variety of lenders, giving you a better chance to find the right loan for your needs and budget. We can offer our clients a wide array of mortgage options to better serve their individual needs.

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