Mortgage Broker
1st First Time Home Buyer

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  Understanding the Steps in 1st First Time Home Buying

  So you've decided to buy your first home. Before you start looking at properties, make sure you get a solid understanding of your many mortgage needs and financing options. How much can you reasonably afford? An important step is to get a mortgage pre-approval. A Mortgage group mortgage professional can supply you with all the details. Once you are pre-approved you will know your price range for properties, as well as what interest rate you can secure for a set period, usually 90 to 120 days ("mortgage rate-hold" period). Also consider what you can comfortably afford for a monthly or bi-weekly mortgage payment – factor in other costs such as car payments, leisure activities, savings etc.

   

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  Why Buy A Home? Everyone has their own reasons for purchasing.

• Studies show that home owners are several times richer than renters. This is because property values have continued to increase during the past few decades.   While there may be a correction now, this is a trend that will reverse within the next year or so.  The second wealth builder for home owners is that mortgage payments are forcing you to saving.   What was initially a large monthly payment will eventually become normal (especially if your income increases).  There are mortgage calculators that compare Renting vs. Buying calculators on this site so feel free to visit the tools section if you would like to get a better idea of what you will qualify for.  These calculators assume that you'll invest difference between the mortgage payment and the rent.   Although this makes sense in theory, most renters do not have the discipline to invest the difference between the mortgage payment and the rent payment.
  
  Owning a home, is it right for you?

  • Home buying is not for everyone. Here are some reasons why some people do not purchase:

    • They like to move around often.  The transaction costs of buying and selling a home can be expensive.  If you plan to move often, it may make more sense to rent.
    • They do not have good credit or down payment - This will cause some difficulties in obtaining a good mortgage.
    • Your income is not yet stable.
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    Government benefits for a first time buyer

    There are two benefits to provide first time home buyer in British Columbia (BC). 

  • BC Property Transfer Tax exemption

  • BC Property Transfer tax is equivalent to 1% of the first $200,000 of the purchase price and 2% of the amount above $200,000.  This is a significant amount of money levied on any real estate transaction. As a qualified first time home buyer, you will not have to pay this tax

  • Home Buyer's Plan Benefit

  • This is a program offered by the Federal Government that allows you to use up to $25,000 ($50,000 for spouses) of your Registered Retirement Savings Plan (RRSP) towards the down payment on a home.  You can withdraw this money tax free from your RRSP.  You'll need to pay back this money to your RRSP over the next 15 years.

  • Please Note

  • The definition of a first time home buyer under the Federal Home Buyer's Plan and the BC Property Transfer tax exemption is different.  Under the provincial program, you cannot have owned a home ever.  With the Federal Government, you could have owned a home but not in the last 5 years (approximately). 

  • Secondly, please be sure to check with your notary or lawyer before as to specifically what benefits you are entitled to.  Government regulations change often so the information on this web page may be outdated. 

Mortgage Solutions

No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.