Think you are ready for a Home?
Buying a house is one the most important assets that you will ever own. It is not just a monetary asset, but your neighbourhood and community and sense of self, it's home.
From getting your debt in order and understanding your credit rating, qualifying for a mortgage, finding the right mortgage terms, and all the way to protecting your family in the event of a death or disability there is a lot to consider.
Understanding how to use your credit wisely and building a good history is the first step in home ownership.
See Manulife's Article on Understanding Your Credit for More
Protect Yourself, Not Your Bank
Many Canadians protect their mortgage with life insurance or critical illness insurance purchased from their lender. And while protecting your mortgage against a serious injury, illness or premature death is a responsible thing to do, you may not realize there’s a reason this type of coverage is called ‘creditor protection’.
Creditor protection insurance is designed to protect the lender, with the benefits used only to pay off any remaining mortgage balance – no matter what other needs you may have.
With most lenders’ mortgage insurance, the benefits and premiums aren’t guaranteed. The lender can change or cancel the policy at any time.
Talk to me first and I can help you find a policy that puts you and your family's needs first and not your lenders.
Thinking about buying a home but don’t know whether you would qualify for a mortgage? Use this calculator to find out how much you could qualify for and estimate what your monthly payments would be.
First Time Home Buyer?
The Canada Revenue Agency (CRA) has a First Time Home Buyers (HBP) which allows you to withdraw up to $25,000 from your RRSP for the purchase of your first home. If conditions are met, the withdrawal from your RRSP will not be counted as income for the year of the withdrawal.
In addition to the HBP program, CRA offers a first time home buyer's tax credit.
The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.
The Next Step
As you can see there is a great deal to consider when purchasing a home (or refinancing).
I am proud to work with a dedicated Mortgage Professional through Manulife Bank who can offer my clients a one on one solution for all your mortgage questions. They can meet with you at your convenience and help you find the solution that is the best fit for you and your family.
Please let me know and I would be happy to set it up.
Manulife Bank is a Schedule I federally chartered bank and a wholly-owned subsidiary of The Manufacturers Life Insurance Company. Established in 1993, it was the first federally regulated bank opened by an insurance company in Canada. Manulife Bank was created to support the sale of the parent’s core products and assist financial advisors in providing fully integrated financial plans to their clients.
Leveraging the Internet and cost-effective telephone banking technologies, Manulife Bank provides its customers access to their bank accounts 24-hours a day, seven days a week.
To learn more, click here.