Purchasing your first home can be incredibly exciting, whether you're doing it on your own, with a new spouse, or with your family. Here at AKALMortgages, we have 15 years of experience helping first-time home buyers There are a number government programs available to home buyers, including:

• First-time home buyers' credit
• RRSP home buyers' plan (HBP)
• 5% down payment program*
• HST new housing rebate
• Land transfer tax rebates

*New Down Payment Rules as of February 2016:

5% down payment is available for homes up to $500,000 purchase price.

Homebuyers will have to put 10% "on the portion" of the price over $500,000.

For example: On a purchase price of $700,000, minimum down payment will be calculated as below:

5% on the first $500,000 = $25,000

10% on the next $200,000 = $20,000

A total of $25,000 + $20,000 = $45,000

Portability: If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property. But sometimes we tend to alter our thinking, so don’t try to ignore the portability option all together. The best portability options afford you the lender’s best rates if you need to add money to the mortgage that can be of use when you want to upgrade your home and helps you select more time to close your new mortgage after selling your old home, try to obtain a minimum of 60 days.

Low-Frills Mortgages: If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages. You can enjoy a cheaper rate in exchange for smaller prepayment privileges, bigger prepayment charges and/or a restriction on refinancing with other lenders before you renew your date.

Extra-Savings: Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk. But if you’re financially stable, you can get great credit and save at least 5% of your income every month, considering shorter fixed terms and different rates. In our low-rate environment, they’ll give you a possible extra savings.

Hybrid Mortgages: If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing. If you can’t decide between fixed or variable, consider a hybrid mortgage. Hybrid mortgages let you split your mortgage into two different rates (e.g., half fixed and half variable). That’s a great way to take advantage of lower rates while still protecting you if rates climb.

FAQs about First-Time Home Buyers Mortgage