GOVERNMENT GRANT DOUBLES YOUR DOWN PAYMENT | First Time Buyer Assistance скачать в хорошем качестве

GOVERNMENT GRANT DOUBLES YOUR DOWN PAYMENT | First Time Buyer Assistance

Let me set you up with a great Realtor! 📆 𝗕𝗼𝗼𝗸 𝗮 𝗺𝗲𝗲𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗲! calendly.com/matthewpfeifer If you are a first time home buyer looking at buying a house in Canada, saving your down payment is a daunting task. With ever increasing home prices across Canadian real estate markets being able to afford those monthly mortgage payments begins to look out of reach for first time buyers. To address this concern the Government of Canada now offers the CMHC First Time Home Buyer Incentive Program as a form of down payment assistance. But do not mix up the CMHC First Time Home Buyer Incentive Program with the CMHC First Time Home Buyer Program. If you take the CMHC First Time Home Buyer Incentive Program you will receive either 5% or 10% in addition to your current down payment. Dropping your monthly mortgage payment and CMHC mortgage default fees. But is there a downside to the CMHC First Time Home Buyer Incentive Program? On this episode of Bald Prairie Real Estate we are breaking down the CMHC First Time Home Buyer Incentive Program. Should you use the CMHC First Time Home Buyer Incentive Program if you are buying a house in Canada? The CMHC first-time buyer incentive program was launched in the fall of 2019 aimed directly at first-time buyers who were trying to save money and buy a home in Canada. The worry was that as home prices in Canadian real estate markets have jumped in recent years first time buyer in Canada were increasingly struggling to be able to buy a house in Canada. So the government of Canada stepped in and created the First-Time Home Buyer Incentive Program. The idea is that the government will match the down payment of a first time home buyer, 5% for a resale home or 10% for a new construction home. This lowers your monthly mortgage payments but also reduces your mortgage insurance fees. The 5 or 10% second mortgage from the government is an interest free loan but instead the government takes an equity stake in your home. If the home goes up in value, the government will share in the increase. If the home declines in value, the government also shares in the loss. You must have a combined household income below $120,000 a year. This is only available to those with less than 20% down so an insured mortgage is required. And the last major requirement is that the purchase is limited to a maximum of four times your income, or $480,000. This second mortgage can be repaid at any time but must be prepaid when you sell the home or after 25 years, whichever comes first. Is the government’s First Time Home Buyer Incentive Program a good program for you use? Are you looking for a down payment assistance to help lower the costs of Canadian real estate? Now this is definitely not an exhaustive list of all the possibilities but three very plausible examples of what might happen going forward if a first-time buyer in Canada decided to buy a house today and was trying to decide if they should use the program or not. If all of the following are statements describe you, use the First-Time Home Buyer Incentive program: Home prices are not going to increase in value, you are not going to do any renovations to the home and you will not be in the home long term. But if any of those statements are true it probably makes sense to not use the first time home buyer program because if you do it will end up costing you more money in the long term than you save. Are you a first time buyer, thinking of buying a house in Canada this year? If you are in the Regina area I would be happy to help you. My contact information is below. If you are in another Canadian real estate market I have great Realtor friends in almost every Canadian real estate market that I know would be a perfect fit for you. My name is Matthew Pfeifer and I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market or they talk about the real estate market in Canada as if there is a national market. The real estate market in Canada is very regionalized. Being from Regina I focus on the Regina real estate market. (306) 591-3353 [email protected] #CMHC #FirstTimeHomeBuyer #CanadianRealEstate Royal LePage Regina Realty