First-time Home Buyer

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Are you a first-time home buyer?

As a first-time home buyer in Canada, you’re about to venture into a genuine experience. You will need a trusted and experienced mortgage broker to guide you through your purchasing process. We make sure that you will feel comfortable with the loan you are going to live with for years to come. We have broad experience in first-time home buying. Our attention to details and vast knowledge will let you make a smart asset purchase.
We certainly believe that there are no stupid questions; you are welcome to share any concern you may have in your mind, and our team will fulfil them all.

Home buying experience
has some key factors, which are:

1. Pre-Approval

Once you are a first-time home buyer in Ontario, and if you want to eliminate any needless worry, you can get a pre-approval ahead of time. This step helps you shop the right homes peacefully and sidestep any obstacle upon closing.  During this step, one of our experienced Mortgage Consultants will be your guide filling your mortgage application and then finding out which Mortgage Lender/Bank offers what matches your needs, the best interest rates, and how much you can qualify for. Your official pre-approval will be ready within couple of hours.

2. Find your dream home – Offer to purchase

A pre-approval never locks you into a mortgage. It serves two things while finding your home. It secures an interest rate and outlines your price range. Your state agent will handle submitting a purchasing offer once you find your home. Once your offer gets accepted, it becomes conditional. The standard time span of a conditional offer extends to 7 days. During this time, you obtain a full mortgage approval, ensure there are no underlying issues with the home having the potential property inspected.  

3. Full Approval

Once you make your mind about your home, our professional team determines a lender that will loan you the money to purchase the home at your pre-established interest rate. It usually needs up to 48 hours to get a full mortgage approval. Yes, it’s no sooner said than done! Our valuable relationships with the Banks and Mortgage Lenders are for your best interests. 

4. Appraisal and Down payment

You need an appraisal only for Conventional Mortgages. What is a Conventional mortgage? It is when, as the buyer, you put 20% or more down on your home’s purchase price. If you don’t have 20%, it’s never an issue to worry about. For those who don’t put 20% or more down on the purchase price, the mortgage is subject to CMHC or GE (Genworth) Insurance premiums that the Banks and Mortgage Lenders obtain for your mortgage. If you are a first-time home buyer, you have the ability to put as little as 5% down, meeting the necessary qualifications. If you need more information about the mortgage options, please call us, a professional mortgage consultant will answer all your inquiries.

5. Paperwork

There is no doubt that you can’t avoid Paperwork; it is an essential aspect of the mortgage process. Our experts will review in full detail all required paperwork and get it prepared for you. The most needed paperwork is usually related to down payment confirmation, employment, and income.

6. Lawyer

Hiring a Lawyer is not optional. You will need a lawyer to represent you when purchasing your home. Lawyers receive and pay out the money their clients borrow. Lawyers also close their clients’ mortgages on the assigned dates. Lawyers inform their clients of their legal responsibilities in the mortgage process and manages their closing costs.

How do we help you throughout the process?

Despite how exciting buying a home is, you may also find it overwhelming or confusing. In Taleen Mortgage, we guide you through the process and make sure that you get the best out of it. We pay attention into each detail to make sure that you take the right financial decision. Our wide experience and strong relationships will be managed to serve your benefit. 

Our services are:

  • Finding all applicable rebates
  • Help you with the tax-savvy methods of financing your down payment
  • Guide you to save money during the process

As a first-time buyer there are several Financing and Tax Incentives available:

If you live in Ontario, BC, or PEI, you may be eligible to qualify for a land transfer tax refund up to $2000!

If you live in Toronto, you can get an additional rebate if you’re buying a Townhouse, Single Family Home, or Condo.

Withdraw up to $35,000, tax-free from your RRSP. This is a great incentive to help finance your down payment. Important to note: you will have to pay this money back into your RRSP over time.

Need $5,000 to help with home closing costs? There is a Tax Credit for that! Claim this amount on your annual tax return!

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