Looking out for your best interests, local Mississauga mortgage agent Richard Bacchus cares about the people in his city and seeing them improve every day. This is especially true when he gets to see his clients use his mortgage solutions when applying for a first-time home buyer mortgage so they can finally purchase their first home in Mississauga. This is both an exciting and nerve-racking time as there are lots to learn and many moving parts to ensure that things move smoothly. But you can guarantee Richard Bacchus will help you throughout the entire process as he navigates your first time home buyer mortgage application in Mississauga with your lawyers, real estate agent, and mortgage lenders to ensure your application is successfully approved.

A first time home buyer mortgage is similar to any other mortgage that you can apply for in Mississauga. The big difference is the government-run first time home buyer mortgage program. This program reduces some of your expenses and is available not only in Mississauga but is a federal program which means it impacts all of Canada.

If you are looking to purchase your first home soon and are in need of a first time home buyers mortgage, Richard Bacchus is located in an area of Mississauga called Old Meadowvale village. It is easily accessible and has lots of parking towards the back of the building.

The Federal Canadian government is helping first time home buyers by utilizing 4 different assistance programs. The 4 first time homeowner assistance programs are:

• First-time homebuyer incentive
• First-time home buyers tax credit
• Homebuyers plan
• GST/HST New Housing Rebate

Each of these mortgage programs for first time home buyers has different criteria, are used differently, and have different benefits.

The first time home buyer mortgage incentive program in Mississauga does not require ongoing payments and does not have any interest. The way it works is it allows you to maintain your down payment amount while reducing your monthly mortgage payments by applying for a Government of Canada shared equity mortgage of 5% or 10%. With this type of mortgage incentive if your property increases in value you will have to pay back the Government of Canada more money, however, if it decreases in value you will have to pay them less. For example, if you purchased a home today for $100,000 and the government gave you a 5% shared equity mortgage, that means they would have given you $5,000. Now when it is time for you to repay the Government of Canada, if your property appreciated in value to now $150,000 you would have to repay 7,500. If however, your property dropped to a value of $50,000 then you would only have to pay back $2,500. The repayment of the first time home buyer mortgage incentive is due when you either sell your home and/or after 25 years. It can be paid in full anytime before maturity without any penalties. When purchasing your first home, the first time home buyer incentive has 2 options:

• Option 1: If you are purchasing a re-sale home the Government of Canada will offer a 5% incentive mortgage.
• Option 2: If you are purchasing a new construction home the Government of Canada will offer you a 5% or 10% incentive mortgage.

There is a long list of qualifiers that must be in place in order to be applicable to get the Government of Canada’s first time home buyer incentive mortgage in Mississauga. Some of the major qualifiers are:

• The down payment must meet the minimum requirement
• Your income does not exceed $120,000
• Four times your qualifying income is what you are limited to borrow

To qualify for the first time home buyers tax credit of $5,000 you must not have owned another home in either your common-law partner’s name, your spouse’s name or your name within the last 5 years (current year plus 4 years before). In addition, your house must be considered qualified home.

When purchasing or building your first home, if your home qualifies, the Home Buyers Plan allows you to withdraw money from your registered retirement savings plan of up to $35,000.

The GST/HST new housing rebate allows you to get some of the money you paid in GST and/or HST for your new or renovated house that you use as your primary residence. The types of documents you would need in your application are proof of occupancy and documentation of work completed along with their associated payment invoices (both with and without GST/HST listed). To qualify for the GST/HST new housing rebate you must be someone who:

• Purchased a house
• Constructed a house
• Renovated a house (either by yourself or hiring someone to do it)
• Purchased shares in co-op housing complex to make one unit your primary residence

Give your mortgage agent, Richard Bacchus, located in Mississauga a call to find out which of these first time home buyer mortgage and loan programs can be best used based on your financial situation to offset your expenses.

Look no further for a mortgage agent that is close by, right here in Mississauga, and supports you throughout your first time home buyer mortgage application. The advantage to working with Richard Bacchus, who is a mortgage agent is that he will negotiate on your behalf with all types of financial institutions and companies that lend money to get you the best solution (interest rates, terms, conditions, and amount of money). Unlike going to your bank that you have used to save your money for years, they typically will not budge on what they are willing to offer you based on your financial situation. In addition, your busy as it is and most likely don’t have time to negotiate with multiple lenders. Let Richard Bacchus who specializes in negotiating mortgage deals work for you to get your first time home buyer mortgage in Mississauga at a great deal.

If a first time home buyer mortgage in Mississauga is not the right type of mortgage you need or can qualify for, Richard Bacchus also can provide you with other mortgage services with solutions better suited to your financial circumstances and goals. Richard provides:

• Mortgage renewals
• Property refinancing
• Private mortgages
• Loan pre-approvals
• Debt consolidation
• Reverse mortgages
• Small business loans
• Self-employed mortgages
• Residential mortgages
• Commercial mortgages
• Second mortgages
• Home equity lines of credit (HELOC)

It is finally time for you to become a homeowner in Mississauga. All you need is for Richard Bacchus to get you the first time home buyer mortgage you need to make your dream a reality. Call Richard today! 647-554-7684