If you’re looking to buy your first home, you’ll appreciate the Government of Canada’s equity-sharing homebuyer’s incentive. Administered through CMHC (Canada Mortgage and Housing Corporation), the First-Time Home Buyer Incentive provides funding of 5% of the purchase price of an existing home or 10% of the purchase price of a new build.
To assist you in managing your cash flow, no ongoing monthly payments are required — instead, you repay the incentive at resale. For example, if you purchased a $400,000 home with a 5% down payment and a 5% CMHC shared equity mortgage ($20,000), the size of your insured mortgage would be reduced from $380,000 to $360,000. This helps lower your monthly mortgage payment.
For more information about Casera mortgages, check out Own Your Dreams or contact your neighbourhood branch to set up a meeting with a mortgage specialist.