Your first home purchase can be a smooth and informed process and doesn't have to be filled with complications and frustrations. The key to having the entire process go smoothly and efficiently is information. You need to keep yourself informed of all the valuable information available. We've got our top 5 tips to help you buy your first home, the start of the information you should have.
Opportunity and Benefits
The first-time home buyer has many opportunities and benefits with their purchase. There is a home buyers' tax credit that will assist with the costs that are associated with first home purchase. The HBTC can be claimed on your income tax returns. A professional can find all opportunities and benefits that will save money and offer an initiative for anyone buying their very first home. The benefits and tax credits are available and will help almost all first home buyers. This is good news knowing there is indeed help that will save time and money. The tip is to find out all the many ways that the HBTC (First-Time Home Buyers) is willing to save you money.
Down Payment & Closing Costs
You should be aware of the fact that there are lenders who will help you with a down payment and closing costs. This aspect does not need to be overwhelming when you have help. There are many solutions that a lender will offer. A few samples are:
- You may have an option on purchasing with a minimum of 5% of the value
- Some may offer a savers mortgage - this will make it possible for smaller down payments
- With a two year work history you may qualify for different types of "conventional" mortgage without default insurance
- The closing costs will vary
Every first home buyer should know that there are additional costs. Every professional lender can guide you into the process. The tip is to obtain very clear information from a trusted profession who has the ability to find the best possible solutions for you.
Seller Take-back/Seller Becomes the Lender
What is a take-back mortgage? Here we're referring to a certain type of mortgage. The seller will offer to lend funds, which is lent to the buyer. The purpose is to help to facilitate the entire purchase of the property. Pretty easy, right? But it's not a fit for everyone, and you have to make sure all the legalities are worked out beforehand.
Other Equity Options
Every first home buyer has many options provided through the government. A lender will also have good options. The following are some ideas that will provide you with choices:
- GST new housing rebates
- Government programs offered especially for first home buyers
- Programs to assist with immediate renovations
- HBP conditions may apply to your particular situation
- A lender will be able to offer many tools that will prove helpful
There are numerous equity options for the first-time home buyer. These will offer confidence that you can indeed own your own home. So consult a professional who has the knowledge to guide and assist you in discovering all of the available equity choices.
Pre-approval Before Shopping
This is something we always recommend. Get pre-approval before you start your house shopping. You will have the ability to determine what house is going to suit your needs along with the actual dollar amount that will be available. This will keep your house shopping very exciting because there will not be any disappointments or surprises.
Now that you have the most important tips you can enjoy your house hunt. This is the one of the best parts of the process - the shopping!
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