First-Time Home Buyer Mortgage Services
Your Trusted Mortgage Broker for First-Time Home Buyers in British Columbia
Buying your first home is an exciting milestone, but it can also feel overwhelming. At Matt Blake Mortgages, we specialize in guiding first-time home buyers through the mortgage process with expert advice, personalized solutions, and access to the best mortgage rates in British Columbia.
Why Work with a Mortgage Broker for Your First Home?
As an independent mortgage broker, I work for YOU, not the banks. This means I can:
• Secure the Best Rates - I compare multiple lenders to find the most competitive mortgage rates.
• Provide Expert Guidance - I explain the mortgage process, from pre-approval to closing.
• Help You Qualify - Even if you have limited credit history or a low down payment, I’ll help you explore your best options.
• Save You Time & Money - I handle the paperwork and negotiations so you can focus on finding your dream home.
First-Time Home Buyer Mortgage Programs & Incentives in BC
Buying your first home comes with exclusive benefits! I’ll help you navigate programs such as:
First-Time Home Buyer Incentive – A government-shared equity program that helps lower monthly payments.
Home Buyers’ Plan (HBP) – Withdraw up to $35,000 tax-free from your RRSP for a down payment.
Property Transfer Tax (PTT) Exemption – First-time home buyers in BC may be eligible to pay less or no property transfer tax.
CMHC-Insured Mortgages – Get a mortgage with as little as 5% down.
Not sure which incentives you qualify for? Contact us now!
How to Get Pre-Approved for Your First Mortgage
The first step to homeownership is getting pre-approved. This helps you understand:
HOW MUCH HOME CAN YOU AFFORD:
Before you start house hunting, know your numbers!
Key factors to determine affordability:
Your income
Your monthly debts
Your down payment
Your credit score
The stress test (can you afford higher interest rates?)
Quick Formula: Most lenders approve you for a mortgage where your total monthly housing costs (mortgage + property taxes + heating) are no more than 39% of your gross income.
Pro Tip: Use an online mortgage affordability calculator to estimate your budget before house hunting.
YOUR BEST MORTGAGE OPTIONS:
Fixed vs. Variable Rates:
• Fixed Rate: Your interest rate stays the same for the term (great for stability!).
• Variable Rate: Your rate fluctuates based on the market (can be riskier but may save money).
High-Ratio vs. Conventional Mortgages:
• High-Ratio: Less than 20% down payment = you need mortgage insurance.
• Conventional: 20%+ down payment = no insurance required.
Term Lengths:
• Short-term (1-3 years): More flexibility, but rates may rise.
• Long-term (5 years+): Stability, but may lock you into higher rates.
Pro Tip: A mortgage broker (like me!) can help compare rates & find the best mortgage for your needs.
Steps to Get Pre-Approved:
Book a Consultation! - We discuss your financial situation and homeownership goals.
Submit Your Documents - Income verification, credit check, and down payment details.
Get Your Pre-Approval Letter - Lock in an interest rate and start house hunting with confidence!
FAQs for First-Time Home Buyers in BC
How much down payment do I need?
Minimum Down Payment Requirements in Canada:
Less than $500K:
5% of the purchase price
$500K - $1M:
5% on the first $500K of the purchase price, 10% for the portion of the purchase price above $500,000
Over $1.5M:
20% of the purchase price
Boost Your Credit Score Before Applying:
✔ Pay bills on time
✔ Lower credit card balances (aim for under 30% of your limit)
✔ Avoid opening new loans before getting a mortgage
✔ Check your credit report for errors
Pro Tip: The higher your credit score, the lower your mortgage rate! Need help improving your score? Let’s chat.
Can I qualify for a mortgage with a lower credit score?
Yes! I work with lenders who offer flexible solutions for first-time buyers with less-than-perfect credit.
Should I choose a fixed or variable rate mortgage?
It depends on your financial goals! I’ll break down the pros and cons so you can make an informed decision.
Start Your Home Buying Journey Today!
Ready to take the first step toward homeownership?
Contact me, Matt Blake, for expert guidance, personalized mortgage solutions and a stress-free experience.
Matthew Blake | Mortgage Broker
(778) 653-4445
Assistance Hours
Mon – Fri 9:00am – 8:00pm
Saturday/Sunday – CLOSED
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