fbpx

First Time Home Buyer

We have you covered! 

Looking to purchase your first home?

At the 6ix Mortgage Group, we will be with you every step of the way. We’ll make sure that you understand your options, the home-buying process and when to engage the other professionals who make up your home-buying team.

 

What You need to consider?

Affordability

At the 6ix Mortgage Group we start with preparing a customized financial blueprint for you. This highly customized plan covers your budgeting, lifestyle and property needs. Our goal is ensuring your mortgage payments will not add undue stress to your budget.

Closing costs

There are costs associated with closing a home. From legal fees to land transfer tax. We ensure you are fully prepared for every type of expense you may encounter.

Fixed versus variable interest rate

Mortgage payments reduce the interest owing on your loan while they reduce the principal amount that you owe. In the first term of your first mortgage, most of your payment will be allocated to interest charges. By your final term, the opposite will happen.

With a fixed rate mortgage, your interest rate will not change throughout the term of your mortgage.

With a variable rate** mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate.

Get pre-approved and shop with an advantage

A no cost, no-obligation pre-approval gives you several advantages in today’s competitive housing market.

When you get a Mortgage Pre-approval, you’ll know exactly how much you can afford to spend on your first home. This empowers you to negotiate from a position of strength, knowing that financing will not be an issue when your offer is accepted.

Home Buyer Perks

First-time homebuyers in Ontario can qualify for a rebate equal to the full amount of their land transfer taxup to a maximum of $4,000.

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

The FTHB Tax Credit offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief.

This benefit isn’t exclusive to first-time buyers, but they can certainly benefit from it! There are a variety of rebates you can receive by making sure your home is energy efficient.

You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.

THE HOME BUYING PROCESS

buying a home and applying for a mortgage process

Required Mortgage Documents Checklist

  • Current employment and amount of income such as:
    • Copy of recent pay slips
    • Evidence of recent pay deposited electronically
    • T1 General and associated Notice of Assessment (NOA)
  • Previous employment (if required)
  • Additional income sources (if any)

 

  • Savings or investments statement from within the last 90 days
  • Sale of an existing property – a copy of the sale agreement
  • Withdrawal from RRSP through the Home Buyer’s Plan, if applicable
  • Gift Letter
  • A list of current assets and liabilities
  • Bank account and transit number for payments
  • Your CIBC Pre-Approved Mortgage Certificate, if applicable
  • A copy of the real estate listing
  • A copy of the accepted purchase and sale agreement
  • The property’s full address, including legal description and postal code
  • Property tax estimates, condo fees and heating costs, (usually available on the real estate listing)
  • For rural properties, well and septic certificates
  • Lawyer’s name, address, postal code, telephone and fax number