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First Time Home Buyer Mortgage

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.

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New Down Payment Rules as of February 2016:

Purchasing your first home can be incredibly exciting, whether you're doing it on your own, with a new spouse, or with your family. 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

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  • 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.

  • 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.

  • Extra-Savings

    Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.

  • 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.


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Why You Should Choose
AKAL Mortgages Inc.



  • When we say YES! We stand behind our promise
  • Mortgage solutions based on your needs and qualifications
  • Fast approvals and quick closings
  • Save time and money
  • Lower mortgage rates due to lender discounts and promotions
  • Licensed, knowledgeable and experienced
  • Protect your credit score


  • The Most Important: Dedication to our agents!
  • Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
  • Training: Weekly training and industry updates, One on one support
  • Mentoring: Specialize in Residential, Business and Commercial
  • Lead Generation: Proven successful campaigns to generate leads
  • Personal website; mobile Apps; online virtual meetings, e-signatures
  • Lenders: VIP access to more lenders and top tier compensation
  • Professional office (at no cost to you): Meet your clients at the office

Frequently Asked Questions

    • First-Time Home Buyers Mortgage

      For all the first time home buyers, to canalize their mortgages, there are a number government programs available. Once you are eligible for these programs, you can acquire any one of them. The government has some programs like First-time home buyers' credit, RRSP home buyers' plan (HBP), 5% down payment program, HST new housing rebate and Land transfer tax rebates.

    • How does the 5% down payment work?

      5% down payment is available to you for homes up to $500,000 as the purchase price. First time Home Buyers will have to put 10% "on the portion" of the price over $500,000. For instance On a purchasing a home for the price of $700,000, the minimum down payment the buyer has to pay will be calculated as 5% on the first $500,000 payments that will be around $25,000 and 10% on the next $200,000 which would be around $10,000. So the total down payment will sum up to $35,000.


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Best Of Capacity

  • Jas Bath

    The experience with AKAL Mortgages Inc. is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical.

  • Oli Rubion

    My wife and I visited AKAL mortgages Inc. due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages Inc. We definitely recommend their services to our family and friends.

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