First -Time Home Buyers

Are you considering purchasing your first home? Congratulations on achieving this important milestone! We are here to help you maximize the benefits available to first-time home buyers and to assist you in securing a mortgage rate that suits your requirements.

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First-Time Home Buyers Need to Know

What exactly is a mortgage? A mortgage is essentially a loan that enables you to purchase property. This loan is paid back through consistent payments, including the principal amount (the sum borrowed) and the interest. As time goes on, these payments help to decrease the overall loan balance.

For first-time buyers, there is a significant advantage in building equity in an asset that appreciates tax-free while you reside in it. By entering the market and focusing on your equity, you invest in your future instead of merely covering someone else's mortgage.

At Black Knight Capital, we are here to assist you in discovering the most competitive mortgage rates and capitalize on them, further enhancing the value of your home financing.

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    Tailored Solutions

    We provide a range of mortgage solutions tailored to meet your specific needs and financial circumstances, assisting you in finding the perfect match for your first home.

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    Knowledge Is Power

    Our comprehensive knowledge of the specific requirements set by lenders enables us to connect you with the most suitable mortgage options, enhancing your likelihood of approval even in challenging circumstances.

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    Great Rates

    As a trusted broker, we have the ability to shop around with multiple lenders, ensuring you receive the most competitive rates available in the market

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    Dedicated Consiege

    Our skilled team guarantees that you will collaborate with a single dedicated individual during the complete home-buying journey. From pre-approval to closing, you will benefit from steady, trustworthy guidance and assistance, ensuring that your path to homeownership is seamless and well-informed.

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Discover Your Home-Buying Potential

Are you a first-time home buyer looking to understand your budget and mortgage options? Our calculators can help you navigate your journey to home-ownership.

 FAQs

  • he First Time Home Buyers’ Tax Credit gives first time buyers that chance to regain some of the costs they paid in the purchase. It mostly applies to closing costs such as legal fees and inspections.

    In certain provinces like Ontario, British Columbia, or Prince Edward Island, home buyers can qualify to get a rebate on some of the Land Transfer Tax they paid. Torontonians are eligible to get a rebate on top of the provincial allowance if they are a first time home buyer.

  • The typical mortgage for first-time home buyers features a repayment term of 25 years, but 30-year mortgages are increasingly accessible.

  • The Canadian government's Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $60,000 from their RRSP for a down payment, tax-free. If they are purchasing with someone who is also a first time home buyer, both can access $60,000 from each of their RRSP’s.

    Since the HBP is considered a loan, it must be repaid within 15 years. Fortunately, this is an interest-free loan so the borrower will only be required to pay back into their RRSP the original amount withdrawn.

    • RSP funds borrowed must be in a registered savings account for at least 90 days prior to withdrawal

    • Buyer(s) cannot have owned a home within the previous four years

    • If buying with a spouse (or common law partner) who is not a first time home buyer, the first time home buyer borrower cannot have lived in the house the spouse owned in the previous 4 years

    • Has entered into a written agreement to buy or build a qualifying home

    • Must intend to live in the home within one year of purchase and use it as their primary residence

    • If they have used the Home Buyers' Plan before, they cannot have any outstanding balance due

    • Must make the withdrawal from their RRSP within 30 days of taking title on the home

    • Have to be a Canadian resident