What are the First Time Home Buyer programs in Canada?

There are 3 programs: 1) first time homebuyers plan (allows you to draw up to $35,000 from your RSP) for purchase of a home 2) first time buyers tax credit (a tax credit at tax time, be sure to tell your Accountant you bought a home.) 3) first time home buyers incentive program (where the gov't may assist with your down payment, to be repaid when you sell the home)

What happens after I submit a mortgage application?

We'll be in touch within 24 hours. You will then be provided a secured link to load any required documents.

What if I don't qualify for a mortgage right now?

Then we make a plan to get you there. Buying a home is a major milestone, and it's completely normal to need time to prepare.

Is my application information secure?

Yes, all of your data is encrypted and securely stored on Canadian servers through TMG. We also operate a 100% paperless office, BitDefender is on all electronics including VPN. Your privacy is extremely important to us.

Will I receive a written pre-approval?

Yes! You will be emailed a personalized pre-approval package outlining everything you need to know at this stage.

Do I need a mortgage broker to renew my mortgage?

While you are not required to use a mortgage broker at renewal, working with one can help ensure you are receiving a competitive rate and the right mortgage terms. Many lenders do not offer their best rates upfront at renewal, and a broker compares multiple lenders on your behalf.

Is renewing my mortgage the same as getting a new mortgage?

A mortgage renewal is just as important as your original mortgage. While the process may feel simpler, the decisions you make at renewal can significantly impact your interest costs, flexibility, and long-term financial goals.

Can I switch lenders at mortgage renewal?

Yes. Mortgage renewal is an ideal time to switch lenders without penalty. A mortgage broker can review whether switching lenders could improve your rate, terms, or mortgage features.

When should I start reviewing my mortgage renewal options?

You can begin reviewing your mortgage renewal options up to 120 days before your renewal date. Starting early allows time to compare lenders, secure a rate hold, and plan strategically.

Why shouldn’t I just accept my lender’s renewal offer?

Many lenders rely on convenience and do not always present their best rate or terms at renewal. Accepting the first offer without comparison can result in higher interest costs over time.

Does my credit score matter at renewal?

Yes. Credit score can impact the mortgage rates and lender options available to you at renewal, especially if you are switching lenders. A broker reviews your full profile to determine the best options.

Are mortgage renewal rates one-size-fits-all?

No. Mortgage renewal rates vary based on factors such as mortgage type, credit score, equity, term length, and qualification requirements. A personalized review ensures you receive options suited to your situation.

What does a mortgage broker review at renewal besides the rate?

A mortgage broker reviews not only the rate, but also penalties, prepayment options, portability, charge type, and how the mortgage fits your long-term goals.

First Time Home Buyer Mortgages in Alberta

The below programs are for first time buyers, but did you know you don't necessarily need to be a first time buyer? You are considered a first time buyer if:

1) The borrower has never purchased a home before or;

2) In the last 4 years the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common law partner owned or;

3) The Borrower recently experienced the breakdown of a marriage or common-law partnership. To qualify, the Borrower must have been living separate and apart from their spouse or common-law partner because of a breakdown of their marriage or common-law partnership for a period of at least 90 days prior to the closing date of the transaction.

Home Savings Bank Account (FHSA)
and
The First Time Home Buyers Plan (RSP)

First-time home buyers can receive a tax deduction when contributing to either program, and the funds can grow tax-free.

The key difference between the two programs is how withdrawals are handled. If you withdraw from your RRSP, you must begin repaying the amount five years after withdrawal. The full amount must be repaid within 15 years.
For example, if you withdraw $20,000, your annual repayment would be approximately $1,333 per year ($20,000 ÷ 15 years).

Link to Revenue Canada for more info:
RSP
FHSA

First Time Home Buyers Tax Credit

When filing your taxes, be sure to indicate that you purchased a home during the tax year to take advantage of potential savings! You may be eligible for a tax credit of up to $1,500.

Link to Revenue Canada for more info: click here.

30 Year Mortgage Amortizations

First-time home buyers making a down payment of less than 20% may have the option of a 30-year amortization instead of the standard 25 years. While this would result in paying more interest over time, it can lower monthly mortgage payments, making homeownership more accessible for first-time buyers.

Helping is what I do best, any questions please let me know. Nikole

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