Best Mortgage Options For First -Time Buyers In Canada

Becoming a first-time homebuyer in BC is one of the most satisfying experiences you can have in life, no matter your age or financial standing. The milestone comes with a lot of emotions since the housing market can be unwelcoming. And the financial toll involved can be daunting.

With banks becoming almost an unapproachable solution when approving loans, most people have turned to alternative mortgage financing options. In this post, we discuss some of the best mortgage options for first-time buyers in Canada. 

As mentioned above, sometimes owning a home for the first time and having no ready financing options can be overwhelming.  But not impossible. There are plenty of homebuyer incentives out there that help with your purchase. And many mortgage options to consider. 

Even if your bank turns down your application due to low income or low credit score, you can still consider approaching private mortgage lenders for financing. 

The right broker will discuss with you your mortgage refinancing options and help you find the best rates. If you are self-employed, there are plenty of mortgage loans available for your needs. And all these are offered through a variety of programs, including low doc or stated income mortgages. Both mortgage types call for varying home equity and down payment.  

For those whose income is verified, you get to qualify with ten percent down. Or twenty percent refinance, and your income has to get verified. 

You can also consider alternative mortgage financing options that allow B lenders to qualify under higher debt servicing. 

Blend and extend

If you currently have a mortgage with a credit union or bank, you may get other options that save your money. You may consider a private mortgage or a 2nd mortgage that does not require credit or income to qualify you for financing. 

You may also try out HELOCs that allow you to qualify up to a 65% LTV or your home’s total value. Since most credit unions and banks provide mortgage options for HELOCs, that calls for verified income ratios and good credit. 

A bridge loan is also a reliable mortgage financing option you can consider. That is because it allows the lender to secure against two properties and offers short-term bridging. You may also consider debt consolidation, which is a reliable way to free up cash flow and boost your credit. 

For investment properties, a commercial mortgage is ideal. That covers financing investment properties, including industrial business to retail space, warehouses, multi-family units, developments, and apartment buildings. 

If you are a non-resident in Canada and looking to purchase a home, you can consider private lenders or mortgage refinancing options. After a thorough assessment, you get to see how much financing you can get. And if you meet all the requirements. 

If you’re purchasing a home for the first time, you want to consider all your viable mortgage loan options and how they affect your financing. By ensuring a complete assessment of your situation, a mortgage broker can assist you in making the right choice.