Home Buying Help

In many parts of Canada, real estate is so expensive that even relatively well off people have to save for a long time just to be able to afford a down payment. For others who are not so lucky, buying a house would be beyond their reach if it weren't for certain forms of assistance that the Government of Canada offers. To take a look at some of the ways the government can help you toward your goal of owning your own home, read this article.

Mortgage brokers are usually pretty willing to lend to Canadian families who have good sources of income, but saving up enough of a lump sum to make a mortgage on a home in the city affordable is tough. To reduce the amount of time needed to save up a down payment, the government offers tax free savings accounts that will let you hold onto more of your money. Additionally, the government's Home Buyer's Plan has made it possible to withdraw some of your retirement savings to buy a home without paying the hefty pre-retirement taxes.

Once you've saved up a nice down payment that you can put toward the purchase of your home, the Canadian Mortgage and Housing Corporation can help you draw up a budget, find the property that meets your needs, and put in an offer. It can even provide assistance for people new to Canada when they're deciding where to live. They even publish a guide for renters on what your rights and responsibilities are, so the process of finding a place to live will go much more smoothly.

Getting a Brampton mortgage can be scary for a lot of people because there's always the possibility of your coming into dire financial straits and ending up not being able to pay. The CMHC offers mortgage insurance programs that can give you peace of mind and help you get the funding you need to buy or renovate properties. These insurance programs effectively mean that your loan is being cosigned by the government, so you will need to be approved for the program first.

The government also recognizes that once you have a home you still need to spend money on it for renovations and repairs. Not everyone has proceeds from the sale of their previous property that can be put towards this, so the government offers several different grants and tax incentives for people renovating their homes, including the Home Renovation Tax Credit, a tax rebate on new housing, and the Emergency Repair Program that allows low income people to do much needed work on their homes. If your repairs make your home more energy efficient, you could be entitled to save on mortgage insurance or taxes. If you have questions regarding these programs we suggest you talk to knowledgeable experts like the folks at Rental Rebate.

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Tuesday, July 14, 2020