Mortgage Assistance for First Time Buyers in Winnipeg MB
October 10, 2023 | Posted by: Ron Chan
You’ve put it off for far too long and have decided that it’s finally time to buy your very first home. Now comes the scary part - actually doing it - and that means doing everything that you can to reduce your downpayment requirement and projected monthly payments. As a result, you’re seeking mortgage assistance. If located in the greater Winnipeg Manitoba area you’ve come to the right place. Below is a breakdown of how mortgage specialist Ron Chan will help you with both of those goals.
Why First Time Buyers in Winnipeg Should Choose Ron Chan to Get Effective Assistance in Getting a Mortgage
Canada’s First Time Buyer Incentive Program
Canada’s first time buyer incentive program is the go-to mortgage assistance strategy for new home-hunters in Winnipeg. The program is a shared equity instrument that works by getting buyers an extra 5% or 10% towards the downpayment of their home, and then repaying the Government either 5% or 10% of the property’s market value at the time of repayment, up to a maximum repayment amount. Mortgage broker Ron Chan will help determine your eligibility, will help you complete your application, and will answer any questions you have about eventual repayment and more. Call 204.290.9950 to ask for assistance in capitalizing on Canada’s first time buyer incentive program.
Four Other Buyer Assistance Programs
There are other mortgage assistance programs available to residents of Winnipeg. These include the following:
- Home Buyers' Plan (HBP): The HBP allows new buyers to withdraw from their registered retirement savings plans (RRSPs) to buy or build a qualifying home. Mortgage broker Ron Chan will help determine your eligibility, will help you complete your application, and will answer any questions you have about the HBP.
- First-Time Home Buyers’ Tax Credit (HBTC): First-time home buyers who purchase a qualifying home can claim a non-refundable tax credit of up to $750. As of 2023, a proposal is on the table to increase the tax credit potential to $1,500 to eligible home buyers. Mortgage broker Ron Chan will keep you informed about this and all updated regrading the HBTC, will help determine your eligibility, and will help you complete your application.
- GST New Housing Rebate: This program allows eligible buyers to recover some of the GST paid for a new or substantially renovated primary place of residence. Mortgage broker Ron Chan will help determine your eligibility, will help you complete your application, and will answer any questions you have about the rebate.
- Canada Greener Homes Grant: This program applies to buyers purchasing a qualifying energy-efficient home with an insured mortgage. Buyers who purchase a home and renovate it to make it more energy-efficient can also apply for the refund. Mortgage broker Ron Chan will help determine your eligibility, will help you complete your application, and will answer any questions you have about the grant.
Reduced Interest Rates
There’s another significant way to get mortgage assistance with the help of broker Ron Chan. Ron can help first-time buyers (yourself included) get access to lower mortgage rates when compared to those who do not use his services (all else being equal). This is made possible due to the following:
- Ron Chan has access to bulk discount rates from Canada’s big banksgrams
- Ron Chan can connect you to alternative private lenders
For greater insight, please read Can a Mortgage Broker Get Better Rates.
MORTGAGE ASSISTANCE IN WINNIPEG MB: