Mortgages for First Time Home Buyers in Ottawa and Carleton

Your Trusted Ottawa Mortgage Experts

Thinking about buying your first property in the Ottawa area?

Are you just tired of passing your hard earned rent over to your landlord? Maybe you've built up some savings and have a downpayment for your own Ottawa area property. No matter what your situation is, we help simplify the buying process and worry about all the financing details so you can get down to finding just the right property as fast as possible. We are here to help you beat the banks ... Give us a call today.

Make sure you get pre approved first and lock in your rate!

Each mortgage application is different and we will help you figure out the numbers so you can stay focused on shopping for properties within your approved price range. You and your real estate agent will know exactly how much you can comfortably afford along with the assurance of a locked in rate - all at no cost to you.

First Time Home Buyers Questions and Answers

What qualifies you as a first time home buyer in Ottawa?

Eligibility: You must be a first-time home buyer, meaning that you or your spouse/common-law partner must not have lived in a qualifying property owned by either of you in the last four years. ... You must have a written agreement to build or purchase a qualifying home.

Do I need Mortgage Insurance?

If your down payment is less than 20% of the purchase price of your home, you will require a mortgage that’s insured against default. This insurance protects the lender in case you default on your mortgage payments and is required by law.There are three mortgage insurers in Canada (the Canada Mortgage and Housing Corporation, Genworth Financial Mortgage Insurance Company Canada and Canada Guaranty, Home Financing Mortgage Insurance Company). The cost will vary depending on the total amount borrowed. The amount is usually added to your mortgage, and the cost is added to your regular payment.

How much does a first time home buyer need in Ottawa?

In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment if your purchase price is within $500,000. If your purchase price is between $500,000 and $1,000,000, your minimum down payment is 5% of the first $500,000 and 10% of the price between $500,000 and $1,000,000.

How much can I afford?

In order to determine how much of a mortgage you can afford it's always a great idea to get a mortgage pre-approval. This is where I can easily help you out to determine what your realistic budget is for your first home. Give me a free, no-hassle call today: 613-591-3591 ext. 108

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