First Time Buyer Mississauga Downtown West Mississauga
Come and attend a non-obligatory one-to-one
first-time buyer consultation at Amit's
Mississauga office.
Amit will help you understand different property options in
Mississauga and evaluate your current market situation. You will
learn various home buying financing options. Depending upon you needs,
wants and current affordability you will understand what is best for
you; home or condominium living, new or resale Mississauga home/condo.
Amit will assistance you in
choosing Mississauga neighbourhoods and best school districts.
He will you understand your home buying expenses,
importance of home inspection, home
vs. mortgage life insurance,
green
friendly home improvements,
purchase and sale agreement and some important clauses that will protect your rights.
Amit has won
the trust of many satisfied home/condo buyers
and has the experience, knowledge and expertise to help turn your dreams
into reality.
Some
frequently asked questions
How much can I afford?
The shortest answer to that question is: it depends on a number of factors.
The most important are your gross household income, your down payment and
the mortgage interest rate. Lenders will also consider your assets and
liabilities. Your own lifestyle and debt comfort zone also come into play.
To help you estimate the maximum mortgage you can afford
housing affordability tool
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As a
Mississauga home/condo
buyer will I pay real estate commission?
NO, buyers do not pay any real estate commission in most cases.
The seller usually pays real estate commission to the listing brokerage who, in
turn, forwards the appropriate portion to the buyer’s brokerage. The
buyer can be asked to pay the real estate commission when buyer broker
is not paid any commission by the listing broker or the seller, however
this type of situation rarely happens.
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As a newcomer what's the minimum
down payment to buy a property?
With "Welcome to Canada" program for permanent residents customers can
now borrow up to 95% LTV !!! (loan to value ratio)
Conditions - Home buyer must have income to support the loan. Gross debt
service ration/ Total debt service ratio (GDSR/TDSR)
must be in line. Buyer must have found employment
and have at least 5% down payment along with the estimated
closing
costs (credit history in
Canada is not required). Genworth and CMHC are willing to take other sources of credit
history. Contact Amit for further details.
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Can I buy a residential/investment property in Mississauga as a non-resident?
Yes, you can buy a home/investment property in Mississauga or elsewhere
in Canada as a non-resident. As long as you
satisfy any special requirements by the lender and provide down payment
of not less than 35% of home price. The financial institution will need proof of down payment
and funds in a Canadian bank account, some days before the date of
closing of your property. Every bank has its own set of policies. Its
always prudent to speak to the lending institution and get pre-approved
for mortgage.
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Before buying our Mississauga home how can we find best schools?
There are many ways to do this. You can visit the following websites:
local school boards, EQAO (Education Quality and Accountability
Office), check out the school report cards published by the Fraser
Institute and Ontario Ministry of Education. Visit Mississauga
school
link. Amit will also assist you in finding best Mississauga
schools.
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Are there any government incentives for first time home buyers
in Ontario?
There are a few first time buyer incentives for home buyers.
They are following:
- RRSP Home buyers plan
- Ontario Land transfer tax rebate of up to $2000
- GST rebate for new home buyers
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What is RRSP
Home Buyer's Plan (HBP)?
Home Buyers' Plan is a program that allows first time home buyer to borrow
up to $20,000 from their "Self-directed Registered Retirement Savings Plan
(SDRSP)". You must be a Canadian resident who has not used this plan before.
The loan is not taxable as long as the funds are repaid into the RRSP
(registered retirement savings plan) over a 15 year period.
The money cannot be withdrawn until 90 days after the RRSP contribution.
After 90 days one can use the Home Buyers' plan to withdraw $20,000 without
penalty. This way you will receive a tax rebate.
Please visit
Revenue Canada website or speak to your tax consultant for more information.
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Is there any GST rebate on buying a new home/condo?
Resale homes are exempted from GST in Ontario. The new housing GST
rebate (36% of six percent GST paid) is available to individuals who
build or buy a new house. The rebate on a home costing $350,000 is $7,560 ($350,00 X 6%X
36%). The rebate for new homes costing between $350,000 and $450,000
declines to zero on a proportional basis, as the maximum rebate is
$8,750.
The GST new housing rebate is the mostly assigned to the builder by
the home buyer. The builder sells with GST included and on that basis
takes back the rebate.
The home should be either a
single unit residential complex or a residential condominium unit. The
home is intended for use as the primary place of residence. Please visit
Revenue Canada website for more details.
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Do
first time buyers pay land transfer tax?
If you are a first time home buyer, you can apply for rebate of up
to $2,000. Certain conditions and restrictions apply, read
Land Transfer Tax
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