Are You a First Time Home Buyer in Calgary, AB?

Congratulations if you are a first-time homebuyer! Buying your first home should be an exciting time in your life. Yes, you will have a number of decisions to make in the coming weeks or months, such as location, size, type of home, your down payment, a comfortable mortgage payment and becoming knowledgeable in first-time home loans for Canadians; but there are many good reasons to own your own home.

Did you know that for most Canadians, the majority of their net worth is retained in their home? Our first step at MBN Mortgage is to truly understand your financial goals and your goals for your home. For example, the length of time you wish to own this home will factor into our recommendation for the type of home mortgage loan you require.

Options for Canadian Home Loans & Mortgage Financing

First-time homebuyers have some interesting options available to them, especially surrounding the source of the down payment for their first home. Canada Revenue Agency has developed an innovative program which allows a first-time home buyer to borrow up to $20,000 from their registered retirement savings plan (RRSP) to buy or build a qualifying home for yourself or for a related person with a disability. The Home Buyers' Plan requires that the borrowed funds are paid back to your RRSP over the next 15 years. For first-time buyers with RRSPs, this is an excellent option. Refer to the RRSP Guide (PDF) for more information on this creative solution to realizing homeownership goals. This is version 7.0 of this document, please check the Canada Revenue Agency site for the most current edition.

Other options include a range of gifted down payments, flexible down payments, and for financially strong buyers, 100% financing or a zero down mortgage. As with any product or service, there is a range of variables that will ultimately guide you and your mortgage specialist to the most appropriate home loan / mortgage solution.

Talk to the Experts for Refinance, First or Second Mortgage Advice

Every home buyer must be aware of the pitfalls you may encounter on the path to your first home. Mortgages are complex and offer a complete range of choices and options—open, closed, fixed, variable, adjustable, extended amortization, prepayment privileges and options, portability, credit matrix pricing, down payment size, etc.

Simply choosing the first mortgage quote offered may provide short-term value, however, additional factors should be considered. We understand that each first-time homebuyer has unique needs and we believe that mortgage home loan solutions should be customized to fit you. We look forward in getting to know you and developing the most cost-effective and rewarding solutions.