There are a number of programs available to first time buyers, and in some cases all buyers, that aid their ability to become homeowners.  One such program is the ability to buy a home with as little as 5% down, and more recently, through GE Capital and Scotia Mortgage, buying with no money down.  In some instances you may qualify to purchase a home with No Money Down. For more information about this program, contact an INVIS Mortgage Consultant. These programs give people an incentive to purchase by creating an opportunity to own their own home without having to accumulate a large down payment.  There are special terms and conditions attached to many of these programs. For instance, under the 5% down rule Tthere is a maximum purchase price however, which in most Canadian cities is $250,000.  Insurance fees apply if the down payment is below 25%, and at the highest end equals approximately 3.75% of the mortgage amount.  Please click here for more information. (link to first time homebuyers, buying with as little as 5% down.)

There is also the federally instituted Home Buyers’ Plan which allow individuals to take advantage of their RRSP without being penalized.  Of course there are conditions that have to be met by the individual or individuals over time, and the property has to be a qualifying property, but nonetheless, this program is a great incentive for individuals to own their own home.  Click here for detailed information on the Home Buyers’ Plan and check to see if the property you are considering purchasing is a qualifying property. (link to Home Buyers Plan in First Time Buyers).

There are also numerous mortgage products available from lenders that INVIS’ Mortgage Consultants can explain to you.  Easy Start mortgage take into account that the first year of owning a home is when individuals have the most difficulty in making payments since they have apportioned large amounts of funds to the down payment.  A lot of lenders also have cash back mortgages which give the consumer a percentage of the mortgage back in cash for their own use – closing costs, mortgage payments, furniture, incidentals arising from moving and so forth.

Contact an INVIS Mortgage Consultant at 1-866-844-6847 to see what programs are available to you, or apply online.