Here at KF Team we believe in giving extraordinary, honest service to our clients. We know that the process of buying a home, especially for the first time, can feel overwhelming. We will be your partner on this journey, providing guidance every step of the way. From determining what you can afford, to matching homes that are tailored to your wants and needs, to negotiating an offer and closing the sale, we’re committed to making your home buying experience a smooth one.
Is Homeownership Right For You?
A down payment is the amount of money you pay upon closing, and is required to obtain a mortgage. It is to your advantage to put down as much money as you can because interest costs for a smaller mortgage are lower-adding up to significant savings over the long run.
- For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
- For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
- For homes with a purchase price of $1 million or more, the minimum down payment is 20%
The down payment amount is to be included in the cheque given to the lawyer. All major banks/institutions require that your down payment amount MUST be in your bank untouched, at least 90 days prior to closing. The down payment is over and above your deposit cheque. Your deposit cheque WILL NOT be considered as part of your down payment amount.
If you don’t have a down payment saved for your first house, you still have options. One possibility is borrowing up to $25,000 of your RRSP savings (per person; $50,000 per couple) under the Home Buyer’s Plan program. After a two year grace period you must begin paying back the funds you withdrew by making RRSP deposits each year and all funds must be replaced within 15 years. For more information visit
You’ll find house-hunting is easier when you tap into the advantages of mortgage pre-approval. You’ll save time, seeing only homes you can afford, you can lock in the interest rate which is typically guaranteed for 120 days, and your pre-approved status will demonstrate to sellers and their Realtors® that you are a ready able willing buyer, which can help during negotiations.
KFTeam works with exceptional mortgage specialists who will guide you on your home buying journey and offer great rates that save you money. There’s no cost to you and you’re not obligated to accept the mortgage when it comes time to buy.
A home inspection is a great investment when purchasing a home, and we always highly recommend it. The purpose of a home inspection is to reveal all deficiencies in the home. Even in newer homes, minor items are to be expected. However, at times, there may be larger deficiencies that may need to be addressed. Conducting a home Inspection will help alleviate any unwanted surprises. A home inspection is a cost incurred by you, the buyer, the day the service is performed. Home inspection costs range from $300-$700 depending on the size of the home and the type of service provided. Typically a home inspection is anywhere from 2-4 hours depending on the size of the home.
There are many costs to consider when buying a home. Ourhas a detailed breakdown of costs to consider and your trusted Sales Partner will walk you through a full list of expenses to expect when it comes time to buy.
There are many costs to consider when buying a home. contact us for free one on one consultation for Our
As a valued buying client of KF Team, you work with one of our Realtors® free of charge. The fee for our service is entirely covered by the seller whose home you buy, as is industry standard.
HST does not apply on the purchase of a re-sale home, so you only have to budget for this expense if you are buying a new home. If you do purchase new, keep in mind that you can claim a rebate for some of the provincial portion of the tax incurred on homes priced up to $500,000.
KF Team invites you to meet with one of our valued Sales Partners to further discuss how we can find you the perfect dream home.
Contact a trusted KF Team Member.
Complete process to help you in your dream home guaranteed.