Purchase

Mortgages for Buying a Home

Unless you have the full the purchase price of a home in a bank account or investment, chances are you will need a mortgage to buy it. I work with 20 different lenders in Canada to help you buy a home. There are a ton of different types of mortgages that have varying purposes. Navigating the mortgage market takes a lot of time, research, and training. This is why it is important to have a mortgage professional in your corner to make sure you are getting the best mortgage for your home.

Types of Properties

Primary Home

A primary home is a home that you are planning on living in. Minimum down payment to buy a primary home is 5% of the purchase price.

Second Home

A Second Home is a home that you are not planning on living in full time. Some examples would be a vacation home, cabin, or a home for your children to live in while they attend post-secondary school. In most cases, the minimum down payment for a second home is 5% of the purchase price.

Rental Property

A rental property is a home that you buy as an investment. The primary purpose of this home is to rent it out to tenants. The minimum down payment required for a rental property is 20% of the purchase price.

Mortgage Programs

Purchase Plus Improvement

The purchase plus improvement program allows you to buy a house and add additional funds to your mortgage to complete renovations. For example, if the place you are wanting to buy needs a kitchen reno that will cost $30K, you can add this money to your mortgage to complete the kitchen renovation.

Flex Down

A Flex Down mortgage is a program that allows you to use borrowed money for the down payment. For example, if you have access to a Line of Credit, you can use this for your down payment as long as you can debt service the minimum required monthly payment. This would be classified as a “zero down payment” option.

First Time Homebuyer

In Saskatchewan, there are two benefits to being a First Time Homebuyer. First, you are allowed to use your saved up RRSPs towards your down payment TAX FREE. Secondly, you are allowed to claim the “First Time Homebuyer Tax Credit” on your taxes which allows you to receive a rebate of up to $750 on your taxes.

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