AGENT LICENSE ID
FSCO Lic#M24000791
BROKERAGE LICENSE ID
12919
Margaret Zalewski
Mortgage Agent Level 1
Office:
Phone:
Address:
15-995 Paisley Rd, Guelph, Ontario, N1K 1X6
Tips for first time home buyer
1/17/2025
- Start early to save money for down payment. The more time you must save and invest your money, the easier it will be to reach your savings goal. Stay focus to save 20% of downpayment to qualify for better interest mortgage rate.
- Build a credit history by getting a credit card and making all your payments on time. This is also a good strategy if you are new to Canada and looking to buy first house in the future.
- Open FHSA. Tax-free savings account it allows contributions up to $8,000 per year, for a lifetime contribution total up to $40,000
- towards a qualifying home purchase. FHSA contributions you make are tax- deductible (like RRSP).
- Save money for HBP by contribution to an RRSP. With the HBP program individuals can borrow a maximum of $60,000 from an RRSP towards the first home purchase. If both spouses are eligible, they could combine the downpayment up to $120,000. The amount borrowed from RRSP is tax-free for the first-time home purchase as long as the repayment schedule is followed, and the loan is paid back into RRSP account within 15 years.
- Combining the Home Buyers' Plan (HBP) and First Home Savings Account (FHSA) is a way to save tax-free for a down payment on your first home purchase. $60,000 from the HBP, and $40,000 from the FHSA, a person will be able to contribute $100,000. For a couple this gives them a combined total of $200,000 toward downpayment. but the amount could be higher if both FHSA accounts have benefited from capital growth.
- Hire a professional tax consultant to be sure you follow the rules to avoid unexpected tax consequences.
- Contact mortgage broker to search multiple lender options and get pre-approval for best mortgage rate. It is free and it helps you make an offer to purchase as soon as you find the dream home.
