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Trade Secrets First-Time Home Buyers Need To Know About!

Trade Secrets First-Time Home Buyers Need To Know About!

Woman first-time home buyer opening a door and looking out

When you’ve never bought a home or property before, the entire process can be daunting. You get excited looking at homes online every chance you get. You get butterflies thinking about your new home and all the amazing features your dream property will have. But, what you might not get excited about and should, is the financial details of buying real estate. You’ve worked hard to save your down payment, figure out a budget that works with your income, your essential needs, your car payment, maybe even daycare, and a fund for family outings too. Make sure you work just as hard to find the discounts and deals throughout your home buying adventure because it will pay off way more than you might think in the long run.


Specifically, these are 3 trade secrets you’ll want to learn about and take advantage of as a first-time home buyer.


Simcoe County has an Affordable Homeownership Program!


It was designed to help low-to-moderate income level renters buy their first home. If you qualify, they provide you with a 10% down payment as a 20-year forgivable loan. (No, they don’t just hand you a wad of cash! Sorry.) You have to already be a resident in the County of Simcoe and if you’re already using the First Time Home Buyers Incentive you can’t double-dip. But, if you don’t qualify for one incentive, make sure you apply for the other!


CHMC is worth the long-term expense!


CHMC stands for Canada Housing and Mortgage Corporation, and in basic terms, is insurance for mortgages that don’t have large down payments. You have to have a minimum of 5% in terms of a down payment of course, but some first time home buyers wait until they have 20% of the purchase price of the home they want to buy saved up, to avoid paying an extra fee. Some folks from older generations (you know those hip, loveable ones in your family and circle of friends) might even feel that needing CHMC to insure your mortgage doesn’t come with a positive impression. However, I’m here to tell you that cash flow is king, and if you have 5% of your down payment set aside, and you do get CHMC to insure your mortgage, you can use the extra money you’ve squirreled away to cover your closing costs or invest that money to be making a return on that investment instead. If invested just right, doing so could work out to be well worth it even after you factor in what the CHMC insurance cost you over the lifetime of your mortgage.


Apply for the First Time Home Buyers Incentive Program!


The First Time Home Buyers Incentive Program is offered by the federal government’s National Housing Strategy. It’s administered through CHMC, and helps offset the overall cost of our ever-increasing home prices. There are a few catches though, like, you can’t buy a home over $480,000 or make more than $120,000 a year collectively in your household, but you could save up to 5% on existing homes or up to 10% on new builds.




I know, shameless self-promotion, right? Seriously though, I became a mortgage broker because I love helping home buyers take advantage of trade secrets like these, that the banks likely won’t even tell you about. As your financial partner, not just when getting a mortgage but, in life. I can help you build your wealth, maximize your savings long-term, and get you the best options within your mortgage. That way, when life happens, you’re not left holding the bag while someone empties out coin after coin! Not that I’m Robin Hood or anything, but, I think you get the picture. I’m here to help.


If you’re looking for your first home, and are ready to take a look at securing a pre-approval for the mortgage you need, give me, Darren Robinson a call at 705-315-0516. Together we’ll look at your overall financials, your home buying options, and your credit score to get you the best mortgage rate possible in today’s ever-changing mortgage landscape.

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