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Armand Bussiere Mortgage Advice Specialist

"The Mortgage Specialist You didn't Know You Needed"

Real Mortgages, Real Fast, Real Simple

MORTGAGE CALCULATORS

APPLY HERE

Armand Bussiere Mortgage Advice Specialist

"The Mortgage Specialist You didn't Know You Needed"

Real Mortgages, Real Fast, Real Simple

MORTGAGE CALCULATORS

APPLY HERE

About Armand Bussiere Mortgages

I Work For You, Not The Banks!

Banks are Old Fashioned!

Mortgage Brokerages are the New Standards in Mortgage Shopping!

Mortgage Agents/Brokers such as myself, Work for You, Not the Banks!

With me, one simple online application will unleash access to over 40 Lenders. This process assures you get access to the best possible mortgage rates and terms you can qualify for everytime!

Oh, and did I mention... it can Save You a Ton of Money and Time too!

All of this without Breaking a Sweat from the Confort of Your Home and Still have Time to go to the Gym or what ever else you want to do with all tha t Extra Time and Money You just Saved.

see what my clients are saying

Why Armand?

Why me? My services are Totally FREE!

I keep It simple, I listen, I care, and I'm dedicated to making your mortgage needs my priority so that your goals becomes reality.

Have a Question? allow me to help. please click here!

Download my Mortgage App!

Download my Mortgage App for all your mortgage needs. It's designed to help you quickly and easily navigate the complexity of mortgages.

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Frequently Asked Questions

Please reach me at armand@referralmortgages.com if you cannot find an answer to your question.

Where can I see your mortgage rates

I do not use Bait and Switch Mortgage Rates on my Site. Just sent me a current rate request by text at this number and I'll sent you my best current rates ASAP! Text you request with you name to (873) 353-9129 or just sent me a message from this site.

How much do you charge

I do not charge you anything. I am paid by the financial institution that wins your business.

How much deposit is needed to purchase a home (up to a fourplex) in Canada?

As long as the property is owner-occupied, the minimum down payment requirements are as follows: For single-family homes, condos, or duplexes with a sale price below $1 million, a 5% down payment is required for the first $500,000, and 10% is required for any amount above $500,000. For triplexes or fourplexes with a sale price below $1 million, a minimum down payment of 10% of the total purchase price is necessary. Additionally, buyers should allocate an extra 1.5% of the total purchase price to cover legal and closing costs, including land transfer taxes. If the purchase price is above 1 million, then the minimum deposit is at least 20% plus clsoing costs.

How much deposit is required to buy a Cottage?

As long as its not going to be used as a rental or AirBNB the rules are the same as when buying a home. For cottages with a sale price below $1 million, a 5% down payment is required for the first $500,000, and 10% is required for any amount above $500,000. If the purchase price is above 1 million, then the minimum deposit is at least 20% plus clsoing costs.

How much deposit is required to buy an investment property?

For investment properties, the initial down payment varies based on the property's purchase price and unit count. Generally, investors should anticipate a down payment of 20% to 35% of the property's value. However, under certain conditions defined by the CMHC, this requirement may decrease to between 5% and 15%.

How do I qualify as a first tiem home buyer?

To be eligible as a first-time home buyer in Canada, certain conditions outlined in the Income Tax Act must be met:

At the time of withdrawing funds from a registered government program such as an RRSP and or First Time Homebuyers Account for a first-home purchase, you need to be a resident of Canada.
Within the current year or the past four years, you should not have resided in a house that was under your ownership or co-ownership, or that of your spouse or common-law partner.

Should there be a dissolution of your marriage or common-law partnership, you may reclaim your status as a first-time home buyer. This is contingent upon you having lived apart from your previous partner for a minimum of 90 days. This reinstatement is void if, within that period, you move into a new primary residence with another spouse or common-law partner.

As a first-time home buyer, how much do I need for a down payment?

Your down payment for a home isn't influenced by whether you're buying for the first time. In Canada, buyers need to have a certain percentage of the home's buying price ready as a down payment, which varies with the home's cost:

For homes priced below $500,000, you need a minimum down payment of 5%.
For homes priced from $500,000 to $999,999, the down payment is 5% for the first $500,000 plus 10% for the portion above $500,000.
Homes priced at $1,000,000 or above require a minimum down payment of 20%.dd an answer to this item.

What is the highest RRSP contribution limit for a first-time home buyer??

Through the RRSP Home Buyers' Plan (HBP), individuals saving for a home can contribute a maximum of 18% of their income from the previous year or the annual maximum RRSP contribution cap, depending on which is greater. Yet, when utilizing the HBP for a home purchase, the withdrawal limit is capped at $35,000 per first time homebuyer.

What is the First TIme Home Savings Account "FHSA" limit in Canada?

In 2023, The Federal Government introduced the First Home Savings Account as an additional initiative to assist first-time home buyers in accumulating a down payment. Individuals can contribute a maximum of $8,000 per year to their FHSA, with a total limit of $40,000 over their lifetime. Notably, there is no cap on withdrawals, allowing savers to access any earnings within the account without facing taxes. For couples planning to buy a home together, each partner can maintain their own FHSA, provided they are both first-time purchasers, potentially pooling up to $80,000 collectively.

How does the Land Transfer Tax Rebate work for 1st time home buyers ?

In various Canadian provinces, purchasing a home incurs a land transfer tax, typically ranging from 0.5% to 2.0% of the property's buying price, which often constitutes the most significant portion of closing costs. To support first-time home buyers, some provinces offer rebates on this tax for those who qualify.

First Time Homebuyers in British Columbia, Ontario, or Prince Edward Island can receive a partial refund on their land transfer tax. Additionally, Toronto home buyers may qualify for a municipal land transfer tax rebate, alongside the provincial one.

The maximum rebate amounts available in these regions are as follows:

City of Toronto: $4,475
Ontario: $4,000
British Columbia: $8,000
Prince Edward Island: $2,000

What is the First Time Home Buyers' Tax Credit?

Introduced in the 2009 federal budget, the First Time Home Buyers' Tax Credit offers a financial reprieve to first-time home buyers in Canada, aiding in the recuperation of various purchase-related expenses such as legal fees and inspection costs. This non-refundable credit, initially set at $750, saw an increase to $1,500 following the 2022 budget amendments.

What is the GST/HST New Housing Rebate?

The GST/HST New Housing Rebate provides a financial return to Canadians who invest in a brand-new property, undertake major renovations on an existing dwelling, or reconstruct a residence after a fire incident. These scenarios all involve GST/HST charges on the transaction. Eligible Canadians can receive a rebate for the GST portion involved in buying or renovating a home. While this rebate is accessible to all qualifying individuals, it is particularly popular among first-time buyers purchasing new constructions.

This rebate is designed to offset the federal part of the GST/HST. Additionally, certain provinces offer a similar rebate that covers a part of the provincial tax, offering further savings to homebuyers.

What is Mortgage Default Insurance?

Mortgage default insurance, often referred to by the name of one of its providers, CMHC Insurance, is a key component of the home buying process in Canada, especially for those with smaller down payments. This insurance is mandatory for homebuyers who can't afford a down payment of 20% of the property's value. Its primary function isn't to protect the buyer but to safeguard the lender in the event that the buyer fails to meet mortgage payment obligations. This arrangement encourages financial institutions to extend mortgages to buyers with less substantial down payments.

The cost of this insurance is a percentage of your mortgage amount and varies with the size of your down payment. Specifically, for down payments ranging from 5% to 9.99%, the insurance cost is 3.6% of the mortgage. For those making down payments between 10% and 14.99%, the cost drops to 2.40%, and for down payments from 15% to 19.99%, the insurance rate is 1.80%.

It's important to note that mortgage default insurance is not available for properties priced over $1 million. Therefore, buyers of such high-value homes must be prepared to make a down payment of at least 20%.

Contact Me!

Drop me a line!

I love my customers, so feel free to give me a call anytime during normal business hours or even later when its an emergency!

Armand Bussiere, Mortgage Agent Level 1, Lic 13316

1320 Carling Avenue, Suite 205, Ottawa, Ontario K1Z 7K8, Canada

+16132829571

Hours

Open today

09:00 a.m. – 05:00 p.m.

Armand Bussiere Mortgage Advice Specialist

Armand Bussiere Mortgage Advice Specialist