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Mortgage Incentives Healthcare Workers Need To Know About

Mortgage Incentives Healthcare Workers Need To Know About

Nurse who secured a low mortgage rate

Nurse who secured a low mortgage rate

Barrie and the surrounding area is a truly wonderful places to live. Only an hour and a bit from Toronto, it offers you everything including stunning waterfront adventures and the best skiing and snowboarding in the area. Whether you’re moving up north for a job, a vacation home, or because you want to start a family, it’s important to know that there are many incentives to help teachers specifically as homebuyers even if they are first-time home buyers in the area looking to secure a new mortgage.

You should know that there is a special mortgage rate right now for frontline workers including teachers!

THIS IS EXCITING NEWS! This new offer is exclusive to specific lenders and is designated strictly for frontline workers, including teachers, to give these hardworking helpers in our community a break on their mortgage rate. Which is fantastic if you’re looking to move to Barrie for work, or are looking for a family-friendly place to put down roots.

As an experienced mortgage broker in the Barrie area, I have access to a lender offering a 0.10% discount on their 5-year fixed rate mortgage and $2,000 cash back (on approved credit). This means that if the fixed rate is 4.5%, the frontline rate would be 4.4% which will be a considerable saving in the long run.

For more information on how to take advantage of this healthcare and frontline worker offer (including as a teacher), give me, Darren Robinson, a call at 705-315-0516 or book an appointment now for more information.

You might also be able to take advantage of the Affordable Homeownership Program

This program is only available in Simcoe County. It aims to assist low-to-moderate income renter households in purchasing an affordable home by providing 10% down payment assistance (to a maximum of $50,000) in the form of a 20-year forgivable loan. This provides renter households with the opportunity to move to homeownership thereby freeing up rental units, encouraging developers to build affordable housing, and fostering demand. A percentage of available funding will be designated for applicants currently living in Social Housing or those who self-identify as Aboriginal households.

If you are a first-time home buyer look at the First-Time Home Buyers Incentive

This program is for any first-time home buyer in Canada purchasing a home that is valued at no more than $480,000. It’s for people who have a total household income of $120,000 or less, and it will not only help them break into the housing market and reduce their monthly mortgage payments, but it will also help boost the new construction of affordable homes as the demand increases.

Don’t forget about the Home Buyers’ Plan

Through this program, you can withdraw up to $35,000 from your registered retirement savings plan (RRSP). Couples can withdraw up to $70,000. The money must be repaid annually over 15 years, otherwise, it’s taxed as income. To qualify, you must be a first-time home buyer and the owner of the RRSP account. This program is unique in that you can use the money to buy a home for someone with a disability. However, you must live in the house for over a year and must be a resident of Canada.

Lastly, there is a Land-Transfer Tax Rebate you might qualify for.

The land-transfer tax paid on the first $368,000 of qualifying homes may be eligible for a rebate of up to $4,000 for first-time home buyers. To claim the refund, you must be a legal adult who has never owned a home or had an interest in a home.

How do you apply for these incentives? You call a mortgage broker, of course!

If you’re unsure of which program best suits your needs or you’re not sure where to start, I can help! Not only can I help you qualify for a mortgage, but I can show you how each government program can benefit you specifically based on your financial situation. In addition, I can advise you on which one would be best suited to your needs specifically. Buying a house shouldn’t be impossible. I’m here to show you how easy it can be! Give me, Darren Robinson, a call at 705-315-0516 or book an appointment now for more information.

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