First-Time Home Buyer

Tools

Mortgage Payment Calculator

Unlock the power of informed decision-making with our Mortgage Payment Calculator. Estimate your monthly mortgage payments easily using our calculator, empowering you to plan your budget effectively.

your estimated payment will be:

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  • Amortization:

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$0$2.5M+

your estimated payment will be:

$

  • Mortgage Amount:

    $

  • Interest Rate:

    %

  • Amortization:

  • Interest Cost for the term:

    $

  • Total Interest Cost:

    $

Our process

Process Tailored to Each Service

STEP 1

Understanding your Budget

Begin by assessing your financial situation. Calculate your total income, existing debts, and monthly expenses to determine how much you can afford for a mortgage payment. Remember to consider additional costs like property taxes, insurance, and maintenance.

STEP 2

Planning for down payment

Our specialists can help you calculate the down payment amount.

STEP 3

Getting Pre-Approved

Before starting your house hunt, consider getting pre-approved for a mortgage. This process involves a lender reviewing your financial information to determine the maximum amount they're willing to lend you.

STEP 4

Search for a home

Enlist the help of a qualified real estate agent. A knowledgeable agent can provide valuable insights, guide you through the buying process, and negotiate on your behalf.

STEP 5

Conducting Due Diligence

Once you’ve found the property you’re interested in, conduct inspection for any potential repairs, review strata documents (if applicable), research the property’s history and market value.

STEP 6

Understand your Mortgage Options

Reach out to a mortgage broker and discuss various mortgage options, interest rates, terms and payments to find the best fit for your financial situation and future plan.

STEP 7

Budgeting for Closing Costs

Don’t forget to budget for closing cost. Your mortgage broker can walk you through an estimated amount for closing cost which includes legal fees, land transfer taxes, title insurance and other miscellaneous expenses.

Our process

Process Tailored to Each Service

STEP 1

Initial Consultation

We start by getting to know you and understanding your unique financial situation and homeownership goals. This consultation helps us tailor our services to meet your needs.

STEP 2

Application Submission

Once you're ready to move forward, we assist you in completing your mortgage application accurately and efficiently. Our goal is to make the process as smooth as possible for you.

STEP 3

Application Processing

We manage the entire application process on your behalf, liaising with lenders and ensuring that all necessary documentation is submitted promptly and accurately.

STEP 4

Approval and Closing

Once your application is approved, we guide you through the final steps of the process, including signing the necessary paperwork and securing your mortgage funding.

Client stories

Hear from Our Delighted Clients

"Refinancing our home with WCM was a breath of fresh air. The team was incredibly supportive, explaining each step clearly, and they managed to secure us a much lower rate that has made all the difference in our monthly budget. Truly grateful!"

"As a first-time homebuyer, I was pretty overwhelmed, but WCM made the process smooth and understandable. Their patience and expertise helped me find the perfect starter home within my budget. Highly recommend their team!"

"I can't thank WCM enough for helping us navigate the purchase of our second home. Their advisors were knowledgeable and responsive, ensuring we got the best deal possible. It’s been a fantastic experience from start to finish!"

"The professionalism at WCM is unmatched. They handled my mortgage transfer efficiently and saved me from a lot of potential headaches with their proactive approach. I am very impressed with their service."

"Thanks to WCM, I was able to tap into the equity of my home to fund my small business. Their tailored advice and quick processing helped me achieve my dreams much faster than I thought possible."

"The team at WCM is fantastic! They helped us refinance our mortgage and we were amazed by how straightforward they made the entire process. It’s clear they truly care about their clients’ needs."

"Investing in real estate felt daunting, but the advisors at WCM provided the guidance and confidence I needed to dive in. Their insight into the market dynamics and investment strategies was invaluable."

"WCM’s approach to handling my vacation home purchase was exceptional. Their detailed understanding of the market and dedication to finding the best mortgage product for me was beyond what I had expected."

"As someone who has dealt with various mortgage companies over the years, I can say WCM stands out for their integrity and commitment. They helped me consolidate my debts and refinance my home under much better terms."

"Switching my mortgage to WCM was a game-changer. The process was seamless, and the benefits were immediately noticeable. Their team’s expertise and genuine care for my financial well-being were evident throughout our interactions."

FAQS

Your Questions Answered

see all faqs

What is a First-Time Owner Mortgage?

A First-Time Owner Mortgage is a type of loan tailored specifically for individuals who are buying their first home. This mortgage often features lower interest rates, reduced fees, or more flexible payment options to help make homeownership more accessible for first-time buyers.

Who qualifies as a first-time homebuyer?

Typically, you qualify as a first-time homebuyer if you have never owned property before, whether individually or jointly, and you plan to occupy the home as your primary residence.

What are the benefits of the First-Time Homeownership service at West Capital Mortgage?

Our service includes personalized mortgage advice, access to special first-time buyer loan programs, assistance with paperwork, and support throughout the home buying process to make your first purchase as seamless and stress-free as possible.

Are there special government programs available for first-time homebuyers?

Yes, there are several government programs designed to assist first-time homebuyers, such as the First-Time Home Buyer Incentive, which can help lower your monthly mortgage payments without adding to your financial burdens.

Can I use RRSPs towards my down payment as a first-time homebuyer?

Yes, under the Home Buyers' Plan (HBP), first-time homebuyers can withdraw up to $35,000 from their RRSPs tax-free to use as a down payment, with the condition that the funds must be repaid within 15 years.

What kind of credit score do I need to qualify for a first-time owner mortgage?

While credit requirements can vary, having a good credit score can improve your chances of obtaining favorable mortgage terms. Typically, a score of 620 or higher is recommended, but we also have options for clients with lower scores.

How do I apply for a First-Time Owner Mortgage with West Capital Mortgage?

Please contact one of our mortgage specialists and they can guide you through the application process and discuss the documents required.

What documents do I need to provide when applying for a first-time owner mortgage?

Generally, you will need to provide proof of income, employment verification, credit information, and details of the property you intend to purchase, among other documents.

Take the Next Step Towards Property ownership

Explore options, connect for personalized assistance on your homeownership journey. Achieve goals with confidence.

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