Smaller down payments
5% down on the first $500,000 of the price and 10% on the part up to $1.5 million. With less than 20% down, mortgage default insurance is added to the loan.
First-time buyers • Waterloo • Kitchener • Cambridge
Buying your first home? Know your numbers first.
Amit gets you pre-approved, shows what you can comfortably afford, and explains how first-time buyer programs fit together. 40+ lenders, plain English, and no cost to you on standard mortgages.
- 5.0 on Google
- $110M+ funded
- Waterloo Region
What first-time buyers should know
Several rules changed for first-time buyers in late 2024. Here is what matters in Waterloo Region today.
30-year amortizations
Since December 2024, first-time buyers can get a 30-year amortization on an insured mortgage. Lower payments now, more interest over time. Amit shows you both.
FHSA and the Home Buyers' Plan
You can use your First Home Savings Account and up to $60,000 from your RRSP through the Home Buyers' Plan, together, toward your down payment.
Some of the lenders Amit works with
What would your first mortgage payment be?
Canadian semi-annual compounding, with mortgage default insurance added automatically when your down payment is under 20%. A quick estimate, not a quote.
For a real number based on your credit and income, ask Amit.
First-time buyer questions
Something else on your mind? Text Amit. He usually replies the same day.
How much do I need for a down payment?
5% on the first $500,000 of the price and 10% on the part between $500,000 and $1.5 million. Homes at $1.5 million or more need 20%. You'll also want about 1.5% of the price for closing costs.
How long does a pre-approval take?
Usually one to two business days once Amit has your documents, such as pay stubs, a job letter and proof of your down payment. Many lenders hold the pre-approved rate for 90 to 120 days.
Is there a land transfer tax rebate for first-time buyers?
Yes. Ontario refunds up to $4,000 of the provincial land transfer tax for eligible first-time buyers. Your lawyer applies it on closing.
Does it cost anything to work with Amit?
Not for standard residential purchases, renewals and refinances. The lender pays Amit when your mortgage funds. If your file needs a private or alternative lender, any fee is shown to you in writing first.