First Time Home Buyers

Ever heard of renters trap? It’s an industry buzz phrase used to identify those of you who are currently renting a house or apartment and feel that you could never afford a home of your own simply due to the fact that you do not have the adequate savings for a down payment on a mortgage or perhaps you may be experiencing credit problems.

My advice to you? Stop paying your landlords’ mortgage and call us! Now before you run right out and put stop-payments on your rent cheques, let us explain…

We specialize in assisting first-time home buyers, and over the past 12 years have helped over 1700 families realize their dream of home ownership. We do not say this to impress you, but to impress upon you that there are ways, simple ways, to become a homeowner. Realize your dream of home ownership today!!

This year, Ontarioconsumers can count themselves lucky in one important aspect; they are living in a time that offers unequalled opportunities to realize the dream of home ownership.

Interest rates are among the lowest in decades and the availability of housing of all varieties is at the highest level in years. In fact, in many situations renting a family dwelling can actually be more expensive than buying. If you consider, for example, a $150,000 mortgage at 8% for a five-year term, the monthly payments would be less than $1,200 per month. Compare this to renting a suitable three-bedroom apartment or townhouse in many urban centres and it’s easy to see that buying a home has become an attractive alternative.

There is another important benefit to home ownership that often gets overlooked. Over the course of 25 years (the usual amortization period for mortgages), the total amount of money paid by many renters can actually exceed the amount paid by a homeowner. This is due not only to the fact that mortgage payments can be cheaper than rent, but because rental fees generally increase over the long term. Of course, interest rates may also rise, but so probably will the value of the property. Therefore, additional equity in the home will be gained.

Add to this the reality that after a mortgage is paid off, homeowners will no longer make monthly payments while renters will continue to bear the burden for the rest of their lives. This savings can greatly impact your quality of life upon retirement. These figures are only intended as broad examples, the fact remains that money spent on rent is still money down the drain.

Regardless of the number crunching, the bottom line is that owning a house is the best way to ensure the happiness and well being of your family. A home gives a family room to grow, and room to prosper.

Constructing a ‘buying blueprint’ is a critical step for first time buyers. In it, you will list such items as: how many bedrooms do you really need; is a finished basement a necessity or can you afford to wait; how big a yard do you need; and most importantly, where do you want to live? All these considerations will affect your ability to buy.

For example, many first-time buyers will forego a property close to the downtown core in favour of a suburban or even rural home. This can lead to huge savings, which can be used to both lower the mortgage and monthly payments, or to acquire a bigger home for the same cost.

Opting for a townhouse or resale home are other alternatives that can help first time buyers escape the rent trap and channel their funds into a solid investment.

So, if you’re one of the thousands of Ontario families caught in the cycle of paying rent and seeing nothing in return, now is the time to make a move. Buying a home can pay off in so many ways that you simply can’t afford to pass us the opportunity. Realize your dream of home ownership today!!

The Best Program for your Home Purchase

One program may be more suitable than the other depending on your situation, but regardless of which program you use, a custom financial management package is designed for each and every client – sometimes by combining two programs – at no additional cost to you.

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