First Time Home Buyer
The Dream
You have dreamed about it and you have planned for it. Now you’re ready to make the biggest financial decision of your life! We can help you open the door to home ownership and a better future.
Getting Pre-Approved & Great Rate Held
Buying your first home can be an overwhelming task. Allow a Kingston Mortgage Solution professional to guide you through each phase.
It starts with assessing your financial picture and getting a Pre-Approval/Rate hold, at the best rates in the industry, all within 24 hours of applying through our office. We are paid by the banks and lenders, so you don’t pay any additional fees to use our services.
We're Connected To Build a Strong Team For You
It is VERY important to be surrounded by a reputable team of professionals: a realtor, lawyer, home inspector, home insurance company/broker, moving company, etc. We have great connections to the best people in the Kingston area, as well as other cities…and are more than willing to share our network with you. Buying your first home with us on your side can make this a fun and exciting experience. Having a seamless flow is what we are after and are very successful and experienced in achieving this! We will guide you through the many steps towards buying your first home and make sure that nothing gets forgotten along the way.
Choice
Since we work with many lenders, we offer the choice, convenience, and counsel that you deserve to make your first time home buying experience easy and rewarding.
Achieving Homeownership in Canada with Flexible Down Payment Options
At Kingston Mortgage Solutions, we understand that the path to homeownership can seem daunting, especially when considering the down payment. However, with a variety of options available, owning a home in Canada is more accessible than you might think.
For properties under $500,000, a minimum down payment of just 5% is required. This means for a home priced at $400,000, you would need $20,000 upfront.
For properties between $500,000 and $999,999, the required down payment is 5% on the first $500,000 plus 10% of the amount above $500,000. For example, purchasing a home for $750,000 would require a $25,000 down payment on the first $500,000 and an additional $25,000 for the remaining $250,000, totaling $50,000.
Struggling to save for a down payment? Consider these alternative options:
• Gifted Down Payment: Immediate family members can offer a gifted down payment. A letter confirming the gift is necessary, ensuring it's not expected to be repaid.
• City of Kingston's Down Payment Assistance Program: This program offers financial aid to eligible buyers, making homeownership more attainable. While specifics can vary, such programs often provide loans or grants to assist with the down payment.
• Borrowed Down Payment: Options include personal loans or lines of credit. While this can increase your debt load, it's a viable option for some buyers.
• Home Buyers' Plan (HBP): Withdraw up to $60,000 tax-free from your RRSPs to fund your down payment. If purchasing with a partner, both can withdraw $60,000 each for a combined $120,000. The amount must be repaid within 17 years to avoid taxation.
First-Time Home Buyer Savings Account (FHSA): The FHSA is a new tool aiding Canadians in purchasing their first home. Contributions are tax-deductible, lowering your taxable income for the year, and withdrawals for home purchases are tax-free. You can contribute up to $8,000 annually, with a lifetime limit of $40,000. This account is perfect for first-time buyers, combining the benefits of RRSPs and TFSAs to maximize your savings potential.
Why Professional Advice Matters
Each path to homeownership is unique, and navigating your options can be complex. At Kingston Mortgage Solutions, we specialize in tailoring strategies to fit your financial situation and homeownership goals. Our team is ready to guide you through these options, providing personalized advice to help you make informed decisions.
Get A Great Mortgage For Your First Home
We love to help first time home buyers find the right mortgage for their situation. It's why so many first time home buyers look to Kingston Mortgage Solutions. Get in touch today to find out more about our rates and how we can help you get the best mortgage for your first home.