Are you a First Time Home Buyer in Duncan, Vancouver Island, BC or anywhere else in Canada and need a mortgage? We can help.

Are you a first time home buyer? There is definitely great pride in owning your first home in the BC area. A new home purchase will most likely be the largest financial transaction most any person in Canada will make in their lifetime. It is a challenging step but home ownership provides you with many benefits. The numerous amount of mortgage products along with many terms and options can be overwhelming for many first time home buyers we deal with.

What can you afford?

When you think about purchasing your first home, there are numerous things to think about, your financial savings, the neighborhood you wish to live, and your commute to and from work among other things. As a result, this might be an overwhelming process for many. Let us take the guesswork out of the equation and use our expertise to your benefit to find the right mortagge for you.

High Ratio or Conventional Mortgage?

The purchase price is essential when it comes to your down payment. All mortgage applications require at least a 5% down payment of the purchase price. Between 5% and 19.99% of the purchase price will have a high ratio mortgage and will require mortgage default insurance. Your first mortgage cannot be amortized for more than 25 years. With at least a 20% down payment of the purchase price, your conventional mortgage will not require mortgage default insurance. Therefore this could be considerable savings. The terms of your mortgage can be 1 to 10 years, with amortization periods up to 30 years. Most mortgages come with flexible repayment options, including the option of paying down a lump sum of up to 20% of your principal each year so you can be debt-free faster.

Our experienced BC Mortgage team has worked with many first time home buyers all across Vancouver Island and across Canada to help get them the mortgage they needed. We can do the same for you.