Your Ottawa Real Estate Expert

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in Ottawa, or to help you in any other way I can to secure the best possible rate for your home purchase, you can call me at 613-355-0530.  

Down Payments

You could become a homeowner for as little as 5% of the purchase price. Depending on the amount, your mortgage will be classified as either conventional or high ratio.

If your down payment is less than 20%, you may get a high-ratio mortgage that must be insured against default. That means you'll pay a one-time insurance premium to protect the lender in the event that you become unable to make payments.

There are lenders that may be willing to loan up to 100% of the value of your new home however you must meet certain requirements to qualify. You are still expected to have approximately 1.5% of the value of the property in cash to be able to pay for closing costs such as legal fees etc. 

Note: Making a sizeable contribution to your RRSP may also help you with your downpayment. (terms and conditions apply).

If you do not have an existing RRSP or would like to purchase more to take advantage of the HBP and the tax free benefit you will need to speak to a reputable financial advisor to discuss your eligibility and options to purchase them. You may also apply for an RRSP loan and use these funds for your down payment (Note: Funds must be in an RRSP for a minimum of 90 days before you can can withdarw them under the HBP). You could also receive an additional tax benefit by reducing your taxable income for purchasing an RRSP.(terms and conditions apply). I would be happy to refer some good contacts I have or help you in any way I can, you can call me at 613-355-0530.

First Time Home Ownership Incentive Programs

The Government of Canada also offers a non-refundable tax credit to help first time home buyers with some of their closing costs. This Home Buyer Tax Credit (HBTC) will provide up to $750.00 in tax relief on the purchase of a first home. For more information speak to your tax preparer or go to the Canada Revenue Agency Web site at www.cra-arc.gc.ca and search for " First Time Home Buyers tax credit".

First-time home buyers may also receive a refund of land transfer tax up to $2000.00. For more information about the Land Transfer Tax Credit (LTT) speak to your lawyer or contact the Ontario Ministry of Revenue at 1-800-263-7965.

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For most people, owning a home is the largest financial decision they will make in their lifetime…

WHY YOU SHOULD USE A MORTGAGE BROKER

BETTER RATES:Brokers shop the market, so their highly competitive rates and products are among the best available. UNBIASED ADVICE:Brokers work for your customer, not the lender. As independents they offer impartial advice and assistance. KNOWLEDGEABLE:Brokers are mortgage specialists who simplify the process and provide all the information and answers your customer needs. FAST SERVICE:Brokers only get paid (by the lender) when the mortgage is approved, so they make an approval happen quickly. FREE SERVICE:Brokers cost the customer nothing. (Only when you have non-standard financing needs would there be a fee) PEACE OF MIND:Brokers deal with many of the same lenders you’re used to dealing with, plus some innovative broker-only lenders who offer even more attractive rates and features.