Mortgages for First-Time Buyers
Are you buying your first home?
Whether it’s a condo, a town-house, or a single-family home, First Foundation has a mortgage that will work for you!
There are a few things that first-time home buyers need to know about getting a mortgage:
- You really should get a pre-approval
- Mortgage lenders qualify you on four main categories:
- Income (your ability to make mortgage and other payments)
- Credit history (have you been responsible in the past?)
- Equity (do you have a down payment, and how much?)
- Property (is the home you’re buying worth what you think it is?)
- Independent Mortgage Brokerages like First Foundation are able to offer a wider variety of lenders, mortgage products, and rate options than banks.
- You may be able to qualify for more if you have a co-signor. A co-signor is usually a family member who wants to help you buy your first home.
- You can use the CRA‘s Home Buyer’s Plan and your RRSPs to save for a down payment and take the money out tax-free.
- You can obtain a down payment from a family member in the form of a gift. First Foundation has gift letters that can be used for this purpose, and we would be happy to guide you through this process
There are many more things to become educated about when you’re a first time home buyer. Why not talk with one of our helpful, no-pressure mortgage associates to see if we can help you buy your first home?
Mortgage Rates
| Term | Mortgage Rates |
| 1 Year | 2.60% |
| 2 Year | 3.09% |
| 3 Year | 3.49% |
| 4 Year | 3.89% |
| 5 Year | 3.89% |
| 7 Year | 4.99% |
| 10 Year | 5.35% |
| ARM / Variable | 2.05% |
| Line of Credit | 3.25% |
Last updated July 27, 2010
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