THE RIGHT WAY TO BUY A HOUSE

MORTGAGE AGENT in Richmond Hill & Aurora, ON

If you’re here, then you’re considering buying your first home.

You could also be planning to buy your second property, no matter, steps are similar.

Whether it’s obtaining a pre-approval, to selecting a real estate agent and lawyer to assisting during the offer stage and guiding you through the approval process and documentation required – Udia is here to support you at every step.

First time home buyers usually benefit from a few rules or incentives to help them access home ownership in a fiscally responsible and affordable way. Statistically this is the demographic group with the lowest percentage of homeownership:

- The RRSP Homebuyers Plan which uses your RRSP investments towards down payment without being taxed upon withdrawal

- You may be exempt from paying the Ontario land transfer tax.

- You can also use gifted funds from a family member towards your down payment.

- You may qualify for the First-Time Home Buyer Incentive which offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to a down payment lowers mortgage carrying costs, making homeownership more affordable. This incentive can be repaid in full at any time, without a pre-payment penalty.

It works like this:

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.
Purchase price of your home Minimum amount of down payment

$500,000 or less

  • 5% of the purchase price

$500,000 to $999,999

  • 5% of the first $500,000 of the purchase price
  • 10% for the portion of the purchase price above $500,000

$1 million or more

  • 20% of the purchase price

 

If you’re self-employed or have a poor credit history, your lender may require a larger down payment.

As we try to raise the bar higher for mortgage professionals, we understand that buying that first home carries more questions than answers and we are excited to help simplify the process for you.

MORTGAGE AGENT Scarborough

Understand what you can afford when we get you Pre-Approved
Avoid seeing properties before talking to Udia to ensure your pre-qualification for it as you may not be able to get a loan for that property or afford any repairs that may be required.
This common mistake only leads to disappointment and heartbreak as you’ll inevitably feel like you lost out somehow. Trust me, I’ve been there! Get Pre-Approved first!
Besides, pre-approval letters can be obtained in less than 24 hours and real estate salespersons or buyers alike only strongly consider buyers with pre-approvals.

MORTGAGE AGENT Scarborough

Don't Rely on Online Estimates or Seller’s Agent
Nowadays, because a ton of information is available online, most first-time home buyers or homebuyers make the mistake of relying on estimates provided by the home sellers online.
They are usually inaccurate and don't disclose all closing costs or repairs to be done. Even working with a seller’s agent with no past transaction history is another flaw in judgement.
This is Why We'll Connect You With A Dedicated Buyer’s Agent
This seemingly little step will save you thousands and future complications as they’ll solely have your interest in mind and fully use their knowledge and expertise to your benefit. They can secure your interest in a property via a conditional offer to protect your deposit if certain fears/concerns to out to be real.

MORTGAGE AGENT Scarborough

Real Time Updates, Accountability & Value Even After Purchase Completion
Udia works round the clock alongside all involved parties once your offer has been accepted to complete your mortgage application, ensure you get promptly informed at all stages and finally funded, so you can collect your keys without hassle.
We also help your moving process by providing you free moving services, 6 months of free home insurance or home security system subscription.

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MORTGAGE AGENT Scarborough

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