Are you in the market for your first home? What an exciting time! It may seem like buying a home for the first time would be more difficult, but the good news is, that’s not really true. The government actually wants to see people buying homes and they have a few different incentives to help you make that possible.
You may not have to be buying your first home to qualify for these benefits either. To be considered a first time home buyer by the CRA (Canada Revenue Agency) you cannot have occupied, as a principal place of residence, your own home from January 1, of the fourth year from the year of your withdrawal, ending 31 days prior to the withdrawal of your RRSP fund, your spouse cannot have owned a home where you resided together during the same period described above; and you must be a resident of Canada.
Mortgage brokers can definitely get you better deals! There are quite a few ways that having a mortgage broker can save you money… especially If you believe that time is money! For starters, calling one mortgage broker is like calling fifty Banks, Credit Unions, and Trust companies… that would take quite a bit of time to do yourself, and would not likely yield the same results.
Both mortgage brokers as well as bankers provide you the source to finance your mortgage. One works for a single institution and one gets you the choice between many. The ever lasting debate between which is better a banker, or a broker carries on till date. While we can’t begin to settle the debate, we can definitely list out the differences and choose according to our needs!
There are a wide variety of tools available for Canadians when they need a loan. Those options however become considerably more limited for those with less than perfect credit. If you are a home owner with bad credit but are in need of a loan, one option you still have available to you is a home equity line of credit.
Home equity lines of credit (sometimes referred to as HELOCs) are a way for home owners to leverage the equity that they have built up in their homes. When you apply for this type of loan, you can receive a lump sum of cash to use as you please.