Today, we are going to talk about First-Time Home Buyers (FTHB). If that’s you, please read on. If that’s not you, but you know someone who could use this information, please share.

The first step for any home buyer, but especially more important for a FTHB is to speak with a mortgage broker.

Our business model is built on education and we want to help you understand the in’s and out’s of home buying.

When we meet with a FTHB one of our first questions is going to be, ‘Where is your down payment coming from?’ and if as a FTHB you do not response with RRSP, then you are leaving money on the table. Let me explain.

There are a few FTHB incentive programs available and one of the biggest ones is the ability to borrow from your RRSP for the purchase of your home. As a first time homebuyer you were able to pull out up to $35,000 from your RRSP’s without any penalty. I know what you’re thinking….’I don’t have $35,000 in RRSP’s’, well this is where starting the process now and helping you plan is essential. Most FTHB’s start the process when they have found a home that they love, however this is the shortfall….the process should have started long before you are ready to put an offer on a home. We need to plan and help you understand how to take advantage of these programs that are only available to you at this time, when you are a first-time home buyer.

We do have programs that can assist you with increasing your down payment. Currently our program is called ‘Shut The Front Door’ so please reference that when you give us a call and talk to us about being a first time home buyer and how to make the most of this opportunity. We look forward to connecting with you and helping you through the process.