First Time Homebuyer Lender in Winnipeg
The mortgage broker you choose in Winnipeg, MB, can have a significant impact on your financial well-being for years to come. Buying a home is often the largest purchase you’ll make, and selecting the right mortgage loan is essential to achieving your first-time homeownership goals. Laurie Boudreau is here to guide you through this critical decision, helping you find the best mortgage options tailored to your needs.
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First-Time Homebuyer Mortgages in Winnipeg
Laurie Boudreau offers specialized services for first-time homebuyers in Winnipeg, MB, including educational resources and down payment assistance programs. These resources make the home buying process more accessible and manageable, guiding you every step of the way toward successful homeownership.
Are you excited about owning your first home in Winnipeg but feeling uncertain about the initial financial steps? Laurie Boudreau, a trusted Mortgage Broker in Winnipeg, MB, understands the unique challenges facing first-time homebuyers and is here to guide you through every step. With a range of First-Time Homebuyer Programs tailored to make purchasing your dream home an achievable reality, Laurie Boudreau is committed to helping you secure the best possible options.
Home Buyers’ Plan (HBP): Access Up to $35,000 from Your RRSP for a Down Payment
The Home Buyers’ Plan (HBP) is a government program that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use toward the purchase of their first home. If both you and your spouse or common-law partner are first-time homebuyers, you can both withdraw up to $35,000 each, allowing for a potential total of $70,000 in funds. How It Works:- Withdraw from Your RRSP: You can use the funds in your RRSP to cover part of your down payment, making homeownership more attainable. The withdrawal is tax-free as long as the funds are used for the purchase of your home.
- Repayment Over 15 Years: While the funds are withdrawn tax-free, the government requires you to repay the amount to your RRSP over a 15-year period, starting in the second year after the withdrawal. Each year, you must repay at least 1/15th of the amount withdrawn, with a maximum of $2,333.33 per year.
- Eligibility: To qualify for the HBP, you must be a first-time homebuyer, meaning you or your spouse have not owned a home in the last four years. The funds must be used for the purchase of a home that you intend to occupy as your principal residence.
- Tax-Free Withdrawals: You won’t pay tax on the funds you withdraw from your RRSP, allowing you to use your retirement savings to buy your first home without immediate tax consequences.
- Large Down Payment: With access to up to $35,000 (or $70,000 for a couple), you can significantly boost your down payment, potentially lowering your mortgage loan and monthly payments.
- Flexible Repayment Terms: The 15-year repayment term gives you time to pay back the amount withdrawn, making it more manageable over time.
First-Time Home Buyer Incentive: Lower Your Monthly Payments with Government Support
The First-Time Home Buyer Incentive (FTHBI) is another program designed to help first-time homebuyers by providing a shared equity mortgage with the Canadian government. This program is designed to lower your monthly mortgage payments by offering additional financial assistance toward the purchase of your home. How It Works:- Government Contribution: The government will provide a shared equity mortgage of 5% or 10% of the home’s purchase price, depending on whether the property is newly built or existing. This contribution reduces the amount you need to borrow from your lender, which in turn lowers your monthly mortgage payments.
- 5% for existing homes
- 10% for newly constructed homes
- No Monthly Payments on the Incentive: You don’t make monthly payments on the incentive. Instead, the government’s share is repaid when you sell the home or after 25 years, whichever comes first. The amount you repay is based on the market value of the home at the time of repayment, meaning you’ll repay the government’s share of the home’s appreciated or depreciated value.
- Eligibility: To qualify, your household income must be less than $120,000, and your mortgage must be no more than four times your annual income. Additionally, the home must be intended to be your primary residence.
- Lower Monthly Payments: The program helps reduce your mortgage payments by lowering the amount you need to borrow. This can make homeownership more affordable in the long run.
- No Monthly Repayments on the Government Portion: The incentive doesn’t require monthly repayments, reducing financial strain during the life of your mortgage.
- Shared Equity: When you sell your home, the government’s share of the home’s value increases or decreases with the market, so you only pay back the percentage of your home’s market value at the time of repayment, not the initial amount received.