Purchases & Pre-approval
Are you a first-time homebuyer looking for a mortgage? Abhishek Gopinath is committed to helping you find the perfect mortgage solution with a wide variety of options tailored to your needs.
I understand that buying a home is one of the most significant financial decisions you will ever make. As your trusted mortgage agent, I am here to guide you through every step of the process, ensuring a smooth and stress-free experience.
In addition to helping you secure the best mortgage, I also want to ensure you take advantage of valuable government incentives for first-time homebuyers. The Canadian government offers tax credits and rebates that can save you money on closing costs, including the First-Time Home Buyers’ Tax Credit (HBTC) and the Land Transfer Rebate
First-Time Home Buyers' Tax Credit (HBTC)
The HBTC is a non-refundable tax credit that helps offset closing costs such as legal fees and inspections. For homes purchased after January 27, 2009, the credit can be up to $750. This is calculated by multiplying $5,000 by the lowest personal income tax rate for the year (15% in 2009). To qualify, you must be a first-time homebuyer, meaning you haven’t owned a home in the previous year. If you are purchasing a home on behalf of a first-time buyer, you may still be eligible for a partial credit
Land Transfer Rebate
The Land Transfer Rebate can refund a portion of the Land Transfer Tax (LTT) you paid when purchasing a home. The rebate amount depends on the value of your home and whether you are considered a first-time homebuyer. To qualify, you must be at least 18 years old, occupy the home as your principal residence within nine months, and not have owned a home in the last four years. The maximum rebate is $4,000, based on 0.5% of the home’s value for first-time buyers.
Pre-Approval for a Mortgage
Getting pre-approved for a mortgage helps you understand your budget and lock in a competitive interest rate for up to 120 days. With a secured rate, you can shop for your dream home with confidence, knowing your rate is protected. And if rates drop before you purchase, you can always re-qualify for a better deal.
If you’re ready to purchase your first home and want to take advantage of the First-Time Home Buyers’ Tax Credit or Land Transfer Rebate, I’m here to help you navigate the process and maximize your savings. Contact me today to start your home-buying journey with the right mortgage!
