The First Home Savings Account (FHSA) in Canada is a tax-advantaged savings plan designed to help Canadians save for their first home. Here are the key features of the FHSA: Eligibility: Available to Canadian residents who are at least 18 years old and have not owned a home in the last four years. Contribution Limits: You can contribute up to $8,000 per year to a maximum lifetime contribution limit of $40,000. Tax Benefits: Contributions are tax-deductible, meaning they can reduce your taxable income, similar to an RRSP (Registered Retirement Savings Plan). Additionally, the investment growth and withdrawals for the purpose of purchasing a…

Criteria for Existing Homes Full rebate up to $8,000 on a purchase price of $835,000 or less. Partial rebate on a purchase price between $835k - $860k. Partial rebate on a purchase price of $835k or less where one borrower is not a FTHB. Criteria for New Builds Full rebate on a purchase price of $1.1 million or less.

The first step in the home buying process is completing a discovery call with one of our mortgage advisors. Step 1 - Initial Discovery Call with One of Our Trusted Mortgage Advisors During your discovery call, we discuss your unique financial situation, your property objectives, your borrowing capacity, the steps to take in the home buying process, & advise on any hurdles you may encounter to help pave the way for a smooth home buying experience. This initial step provides clarity to common questions or concerns. We even go through some what-if calculations & scenarios to help ensure you have a strong…

A purchase deposit demonstrates the buyer’s good faith to the seller to close on their purchase. This deposit is held in trust & then credited back to the buyer at completion as part of their total down payment. For example, if your total down payment is $25,000 & your deposit is $10,000, you will only owe the difference of $15,000 at time of completion. Alternatively, if your down payment is $25,000 & you agree to a $30,000 deposit, you will be reimbursed the $5,000 at completion. Typically, the deposit is 5%, sometimes 10% of the purchase price. Is this deposit due right away?…

Just click the “Apply Online” button on our website to get started. With a traditional application & a few lender required documents in hand, we’ll have your pre-approval to you within 48 hours. During this time, we will reach out to you to conduct a one-on-one success planning meeting aimed at providing you with an understanding of your goals & help to educate you on strategies to help you get ahead. All of this from the comfort of your own home!

Remember the FOUR benefits to investing in real estate: Principal Pay Down Unlike your rent payment, mortgage payments include a principal component that otherwise brings your total monthly mortgage balance owing down, & therefore your equity up. Appreciation Appreciation refers to the increase in your home’s value over time. Your home value may increase for a number of reasons, including, interest rate fluctuations, supply & demand, inflationary periods, & even emotional buyers shifting the market. Cash Flow Whether you’ve purchased a stand-alone rental property or have a rental component to your home, this secondary source of income (ideally above & beyond your total monthly bills)…

Mortgage loan insurance, also known as mortgage default insurance, is an insurance premium paid by the borrower, to in which protects the lender for in the event that the borrower defaults on their mortgage obligations. Mortgage loan insurance is provided by one of three institutes, CMHC, Canada Guaranty, or Sagen. Mortgage loan insurance is implemented on any mortgage that has a down payment of less than 20% of the purchase price of a home. The insurance premiums range from 0.50% to 7.0% and can be added directly onto the mortgage amount.

Let’s look below at the main closing’s costs associated with buying your new home: Land Transfer Tax In the province of BC, when ownership transfers title, buyers are faced with a land transfer tax – or better known as property transfer tax + 1% on first $200,000 + 2% on balance up to $2,000,000 + 3% on the balance over $2,000,000 + 2% on balance over $3,000,000 **If Residential** Appraisal Fees Your lender may ask you to order a home appraisal as part of your conditions. This cost varies depending on property value, but appraisals typically range between $300 - $500. Legal Fees At the final stage of your home…

Common home ownership costs include: Mortgage Payment Property Taxes Home Insurance Strata Fees (If applicable) Utilities – Heat, Water, Gas Internet & Cable Our trusted mortgage advisors will give you the upfront options you need & help you put together a plan that fits your budget.

One of the benefits to working with an independent mortgage advisor, is that we situate you with the very best lender, with the best terms, & the lowest guaranteed rate that supports your needs of today & goals of tomorrow. What our mortgage team provides you that the corporate banks can’t! Options – We have access to 100+ lenders & 5,000 products, resulting in you saving money and having multiple options, where the bank offers you their products only, which do not necessarily have the lowest rates. Exceptional Service – Our office doors do not close come evenings or weekends. We are available…

First time home buyers who purchase a qualifying home can claim a non-refundable tax credit of up to $750 for the year of purchase. This value is calculated by multiplying $5,000 by the lowest personal income tax rate (15% in 2022). Currently, the proposed change is $10,000, otherwise resulting in a $1,500 credit.

As a first-time home buyer, the Home Buyers Plan allows you to withdrawal up to $60,000 from your registered retirement savings plan (RRSP), for the purpose of a down payment on an existing home or to build a home for yourself, or a related person with disability.

When you’re making an offer, you always want to put your best foot forward. Working out a strategy with your realtor will help you competitively if you find yourself in a multiple offer situation. Our recommendation for a successful offer requires speaking to one of our team members to have your pre-approval in place. Setting up your pre-approval will give you the ceiling price of what you can qualify for, your expected payments, & the costs needed to complete, including your total down payment. This eliminates any surprises! Our guaranteed client pre-approvals will also address your long term goals and give you the…

In a purchase contract, these are often call subjects. On the financing side, we are looking for the condition “subject to financing” as this allows us, your mortgage team, to finalize your new mortgage prior to the final commitment of your offer. Additional conditions include “subject to appraisal”, “subject to inspection”, “subject to strata documents”, “subject to sale”, and many more. Any one of these subjects will give you the option to back out of your offer given one or more avenues do not align with your vision. Typical conditions are in place for 7-10 days, and are ultimately put there protect you,…

The quick answer is yes, you are. The legality of your purchase includes you owning a percentage of your new home, and so does your co-signer. While your co-signer is looked at as a prior homeowner, their portion of the tax credit would not be exempt leaving your portion to still be exempt. For example, you and your co-signer purchase your new home as “Tenants in Common” where you own 99% & your co-signer owns 1%. In this circumstance, you would be exempt from 99% of the taxes.

A pre-approval mortgage is not one that is done on an online pre-approval app or calculator. These options though are a great general tool, they do not address many of the underlining components that ensure accuracy when securing mortgage financing. A pre-approval mortgage requires submitting an application, pulling your credit, & submitting supporting documentation to your trusted mortgage advisor. At Boychuk Mortgage Group, your pre-approval includes a one-on-one success planning session to help educate you & to create a long-term mortgage & wealth strategy! We consider our pre-approvals a guaranteed stamp of approval as we have done the proper due diligence to protect…

Improving your credit score involves paying bills on time, reducing debt, and avoiding new credit inquiries. Our team can provide personalised tips to help you strengthen your credit profile and improve your mortgage eligibility. For more information on how Boychuk Mortgage Group can assist you with your first-time home buyer mortgage needs, contact us today. Let us help you turn your dream of homeownership into a reality.

Yes, gifts from family members or borrowed funds (e.g., a personal loan) can be used for your down payment. However, it's essential to understand the implications and ensure you meet lender requirements.

When choosing between fixed-rate and variable-rate mortgage terms, first-time home buyers should consider factors such as interest rates, budgetary constraints, future financial goals, and risk tolerance. We guide you to help you select the best option for your circumstances.

Mortgage pre-approval involves assessing your financial situation, credit history, and income to determine the maximum mortgage amount you qualify for. Pre-approval provides confidence and clarity as you shop for your first home.