Becoming a homeowner is an exciting milestone, especially if it’s your first time. At XLG Mortgage Group, we understand that the process of purchasing a home can seem overwhelming, particularly for first-time home buyers. That’s why we’re here to guide you every step of the way, ensuring you feel confident and well-informed throughout your home buying journey.
Our experienced team of mortgage professionals is dedicated to helping first-time buyers navigate the complexities of securing a mortgage. Whether you’re looking to understand your financing options, determine how much you can afford, or learn more about government incentives, we’ve got you covered.
At XLG Mortgage Group, we specialize in simplifying the mortgage process for first-time buyers. Here’s why first-time home buyers choose us:
We explain every step of the homebuying process, so you’ll always know what to expect. From calculating your down payment to understanding mortgage rates, we break down the complex jargon and provide clear answers to your questions.
No two buyers are the same, and neither are their mortgage needs. We take the time to understand your financial situation and goals, offering tailored mortgage solutions that best fit your needs.
We have access to a vast network of lenders, from major banks to credit unions and private lenders. This allows us to find competitive rates and loan products that fit your specific financial profile as a first-time home buyer.
We don’t just secure a mortgage for you—we empower you with knowledge. Throughout the process, we provide educational resources, tips, and tools to help you make informed decisions, so you feel confident in your first big home purchase.
As a first-time home buyer in Canada, you may be eligible for several government incentives and programs designed to help make home ownership more affordable. At XLG Mortgage Group, we’ll walk you through the following programs to see if you qualify:
The First-Time Home Buyer Incentive is a shared-equity program that helps reduce your mortgage payments without increasing your down payment. This federal program allows first-time buyers to finance a portion of their home through the government, reducing their monthly mortgage payments.
The First-Time Home Buyers’ Tax Credit provides eligible first-time buyers with a tax credit of up to $750. We’ll help you understand how to claim this credit when filing your income taxes after purchasing your home.
With the Home Buyers' Plan, first-time buyers can withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use as a down payment, without having to pay tax on the withdrawal. We’ll explain the eligibility requirements and guide you through the application process if this program fits your needs.
One of the first questions first-time buyers often ask is, “How much house can I afford?” At XLG Mortgage Group, we help you determine your affordability by looking at key factors such as:
Your credit score will affect both your ability to qualify for a mortgage and the interest rate you receive. We’ll help you review your credit history and provide guidance on how to improve it if necessary.
Your salary and other sources of income will play a significant role in determining how much you can borrow.
The amount of money you’re able to put down upfront will impact the size of the mortgage you need. We’ll help you explore different down payment options, from conventional down payments to using the First-Time Home Buyer Incentive.
Lenders will evaluate your existing debt, such as car loans or credit card balances, to ensure you can comfortably afford a mortgage.
Once we’ve reviewed your financial information, we’ll provide you with a pre-approval, so you’ll know exactly how much you can spend on your new home.
The process of buying your first home can be broken down into several manageable steps, and we’ll be there to assist you at every stage:
Initial Consultation
Your journey begins with a consultation with one of our mortgage experts. During this meeting, we’ll review your financial situation, discuss your home buying goals, and answer any initial questions you may have about the mortgage process.
Mortgage Pre-Approval
Once we’ve gathered the necessary financial information, we’ll submit your application for a mortgage pre-approval. This gives you a clear idea of how much you can afford and allows you to start house hunting with confidence.
House Hunting
Armed with your pre-approval, you can start searching for homes within your budget. We can also refer you to trusted real estate agents who specialize in working with first-time buyers.
Mortgage Application and Approval
Once you’ve found your dream home and made an offer, we’ll work with lenders to secure the best mortgage terms for you. We’ll handle all the paperwork and guide you through the application process, ensuring everything is in place for closing.
Closing the Deal
When your mortgage is approved and all conditions are met, it’s time to close the deal. We’ll review the final details with you, coordinate with your lawyer, and ensure everything is in order for you to take possession of your new home.
Working with XLG Mortgage Group also comes with added benefits, including:
We’ll help you explore low down payment programs that allow you to purchase a home with as little as 5% down.
We’ll explain the differences between fixed and variable mortgage rates and help you choose the one that best aligns with your financial goals.
Our relationship doesn’t end once you’ve closed on your home. We offer ongoing support to ensure you’re satisfied with your mortgage and understand your financial obligations moving forward.
Ready to take the next step toward securing your mortgage? Reach out to XLG Mortgage Group today for a consultation. Our experts are available to answer your questions, discuss your financial goals, and help you find the mortgage product that best suits your needs.
+1 905-206-0090
+ 1 833-932-0012
info@xlgmortgagegroup.com
5250 Solar Drive, Unit # 208,
Mississauga Ontario, L4W 5M8
207-460 Hespler Road,
Cambridge, ON, N1R 0E3