Purchasing your first home in Fernie doesn't need to be a stressful experience. I've personally been in your shoes and having a licensed mortgage broker guide me through purchasing a property made me feel confident with the process and at ease. Continue reading below to learn about some of my tips (as a licensed Fernie mortgage broker) to make your home buying experience a positive one!
There's a LOT of information to take in as a first time home buyer in Fernie and figuring out where to begin can be the trickiest part.
As a first time home buyer in Fernie, you'll need to secure financing for your home with a mortgage.
Hello there! I'm a trusted licensed Fernie mortgage broker and I'd be happy to chat with you to learn about your mortgage goals as a first time home buyer, and get you set on a positive journey towards homeownership.
But first, let's dive into some valuable information about being a first time home buyer in Fernie!
Many of my clients have experienced similar reasons for why they love being a homeowner.
Some of the reasons for enjoying homeownership are:
As great as the benefits of being a homeowner are in Fernie, many people find it is tough to jump into home ownership as a first time home buyer due to barriers to entry.
As a first time home buyer in Fernie, you may have notice there are pretty significant barriers to entry for owning a home such as your down payment and other qualification factors.
Luckily, you may be eligible for the First Time Home Buyer Incentive in Fernie!
The First Time Home Buyer Incentive is provided through the Canada Mortgage and Housing Corporation (CMHC) - it's a Federal program which launched in 2019 with the aim of helping first time home buyers enter the housing market with more ease.
Qualified first time home buyers in Fernie receive 5% or 10% of the purchase price of their home in what's considered a 'shared equity mortgage' with the Canadian government. The funds provided essentially help to make your mortgage payments more approachable.
Part of the agreement with the First Time Home Buyer Incentive is that you'll pay the incentive back within 25 years (or when the property is sold, whichever comes first).
Note: There are limits on the repayment of the First Time Home Buyer Incentive which have been implemented to protect YOU as a borrower.
The following protections are in place regarding the First Time Home Buyer Incentive (from the article: 'The first-time home buyer incentive')
"The homebuyer will have to repay the Incentive based on the market value of the home at the time of repayment equal to the percentage (for example, 5% or 10%) of the original home value used to determine the Incentive, up to a maximum repayment amount equal to:
Did you know??
You can pay the incentive back without waiting the full 25 years – first time home buyers in Fernie may repay at any time generally without facing pre-payment penalties.
Hurray!
The First Time Home Buyer Incentive was created to benefit a large portion of first time home buyers, but with the incentive comes some eligibility criteria.
To qualify for a full exemption for the First Time Home Buyer Incentive:
Certain partial exceptions or other considerations may apply - connect with a trusted licensed Fernie mortgage broker such as myself to find out whether the First Time Home Buyer Incentive is a fantastic mortgage option for you. If not, we'll explore other valuable mortgage solutions!
*Requirement thresholds and eligibility criteria may be subject to periodic increases as property values/income levels increase over time.
If you're a first time home buyer in Fernie, I'd be happy to help guide you through your mortgage journey.
My goal is for you to enjoy a relaxed, simple experience where I handle all the tough work for you.
I'm Kyle Benzies (licensed Fernie mortgage broker). I've helped many first time home buyers achieve their home ownership dreams by providing fantastic (and competitive!) mortgage solutions. Regardless of where you're at in your mortgage journey, I'm here for you.
To discuss your mortgage options as a first time home buyer, give me a no-risk call today!
***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for first time home buyers***