first time home buyer

First Time Home Buyer

Compare and find the best mortgage for first time home buyers in no time!

Are you a first time home buyer raving to get an affordable and flexible mortgage with good repayment options? We will provide you with the best mortgage for first time home buyer. We have an extensive lender base.

What we promise you

A first time home buyer’s mortgage with —

  • Quick approval
  • Low down payment
  • Low interest rates (See our rates)
  • Flexible terms
  • Favorable repayment schedules

What you should do

  1. Use our Maximum Mortgage qualifier to know how much you qualify for. Factors that affect the amount you can borrow —
    • Amortization period
    • Borrowing rate (See our rates)
    • Your gross income
    • All other debt payments
  2. Submit an online pre-approval application.
FAQs – First time home buyer

Here are some quick facts about first time home buyer’s mortgage to help you get started —

    • How much is the required down payment?

At least 5% of the purchase price of your home plus high-ratio mortgage insurance. But, if you want to qualify for conventional mortgage and you don’t want to pay mortgage insurance, it is best to put down 20 percent of the home’s purchase price. This also assumes that you have excellent credit.

The higher the down payment, the lesser is the amount you have to borrow and the lower is your monthly mortgage payment.

    • What is the required down payment if my credit is bad?

If credit is bad or challenged, you will need 20% down. Sometimes we can find a mortgage solution with only 15% down if the home is in a major city.

    • What is a first time buyer mortgage?

There is no special mortgage solution specifically tailored to a first time buyer. A first time buyer would get the same mortgage any other repeat home buyer would receive. However as a first time buyer there could be land transfer tax advantage. Check with your lawyer if this may apply to you.

    • What is the most important step for a first time buyer?

As a first time buyer, you will need to be pre qualied and pre approved. Pre qualified is to find out how much of a house you can afford to buy given your income and debt load. Pre approval is the next step. It involves ensuring the credit is satisfactory, as well as income. The pre approval is a written commitment from the lender stating the conditions the approval is based on. With a pre approval you can confidently make your offer to purchase on your dream home.

We give you unbiased and expert advice to identify the best available options and deals that are best suited to your needs.

The Process of Obtaining a Mortgage

Here’s a simple illustration on how you can secure a mortgage.

first time home buyers

In case you do not qualify? No worries, we can still get you approved for a mortgage opportunity that is right for you. Learn More »

For more information on our first time home buyer’s mortgage solutions, call us today 1-877 237-2601 or fill out our online contact form.

first time home buyer

First Time Home Buyer

Compare and find the best mortgage for first time home buyers in no time!

Are you a first time home buyer raving to get an affordable and flexible mortgage with good repayment options? We will provide you with the best mortgage for first time home buyer. We have an extensive lender base.

What we promise you

A first time home buyer’s mortgage with —

  • Quick approval
  • Low down payment
  • Low interest rates (See our rates)
  • Flexible terms
  • Favorable repayment schedules

What you should do

  1. Use our Maximum Mortgage qualifier to know how much you qualify for. Factors that affect the amount you can borrow —
    • Amortization period
    • Borrowing rate (See our rates)
    • Your gross income
    • All other debt payments
  2. Submit an online pre-approval application.

FAQs – First time home buyer

Here are some quick facts about first time home buyer’s mortgage to help you get started —

    • How much is the required down payment?

At least 5% of the purchase price of your home plus high-ratio mortgage insurance. But, if you want to qualify for conventional mortgage and you don’t want to pay mortgage insurance, it is best to put down 20 percent of the home’s purchase price. This also assumes that you have excellent credit.

The higher the down payment, the lesser is the amount you have to borrow and the lower is your monthly mortgage payment.

    • What is the required down payment if my credit is bad?

If credit is bad or challenged, you will need 20% down. Sometimes we can find a mortgage solution with only 15% down if the home is in a major city.

    • What is a first time buyer mortgage?

There is no special mortgage solution specifically tailored to a first time buyer. A first time buyer would get the same mortgage any other repeat home buyer would receive. However as a first time buyer there could be land transfer tax advantage. Check with your lawyer if this may apply to you.

    • What is the most important step for a first time buyer?

As a first time buyer, you will need to be pre qualied and pre approved. Pre qualified is to find out how much of a house you can afford to buy given your income and debt load. Pre approval is the next step. It involves ensuring the credit is satisfactory, as well as income. The pre approval is a written commitment from the lender stating the conditions the approval is based on. With a pre approval you can confidently make your offer to purchase on your dream home.

We give you unbiased and expert advice to identify the best available options and deals that are best suited to your needs.

The Process of Obtaining a Mortgage

Here’s a simple illustration on how you can secure a mortgage.

first time home buyers

In case you do not qualify? No worries, we can still get you approved for a mortgage opportunity that is right for you. Learn More »

For more information on our first time home buyer’s mortgage solutions, call us today 1-877 237-2601 or fill out our online contact form.

NOT A FIRST-TIME HOME BUYER?

You can also get approved for a Second Home Mortgage to purchase another home.We can help you find the best financing solutions.


PURCHASE PRE QUALIFIER

Ready to purchase your new home? Response in hours!

OUR B LENDING RATES

Guide to our bad credit mortgage rates

IS REVENUE CANADA CALLING ON YOU?

Owe money to CRA? We know hot to resolve your tax issues with a 2nd equity take out mortgage! Response in hours!

FIRST TIME HOME BUYER SPECIAL PROGRAMS

RMA Mortgages offers first time home buyer special mortgage programs to qualified borrowers. Click the links below for more information.
  • Mortgage for Self Employed Individuals
  • Mortgage for New Canadian Immigrants
  • Mortgage for Canada Non-Residents

MORTGAGE RATES

HOW MUCH DOWN PAYMENT DO I NEED?

Use our quick table guide to give you a STRAIGHT, answer. No need to Guess!

BEST CURRENT RATES

TERMPOSTEDRATE
1 Year-1.89
2 Years-1.89
3 Years-1.99
4 Years-1.84
5 Years1.85
VARIABLE-1.80