Newmarket First‑Time Home Buyer Mortgages Made Simple
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Why Newmarket Trusts Us for First‑Time Home Buyer Mortgages
Buying your first place, whether it’s a townhome off Davis Drive or a detached near Upper Canada Mall, should feel exciting, not overwhelming.
That’s why we handle the heavy lifting: shopping dozens of lenders, explaining CMHC rules in plain English, and designing a payment plan that fits your York‑Region lifestyle. From down‑payment strategies to closing‑day checklists, our local mortgage team is with you every step of the way.
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FAQs for Mortgages for First Time Home Buyers in Newmarket, Ontario
What’s the minimum down payment for a first‑time buyer in Newmarket?
We follow the Canada‑wide rule—5 % on the first $500,000 of the purchase price and 10 % on any amount above that. If you’re eyeing a $650k starter near Mulock Drive, you’d need $40,000 down (5 % of $500k + 10 % of the remaining $150k).
Do we qualify for the First‑Time Home Buyer Incentive?
If your household income is $120,000 or less and your mortgage is four times that amount or under, you may receive a 5 % – 10 % shared‑equity boost from the federal program. We’ll crunch the numbers and submit the paperwork, so you can focus on choosing paint swatches for your place near Fairy Lake.
How do Newmarket property taxes affect our monthly payment?
York Region lets you roll property taxes into your mortgage payment, which can make budgeting easier. We’ll calculate an “all‑in” amount so there are no surprises when tax bills arrive—especially handy if you’re on a commuter schedule via the GO Train.
Can we buy a home over $1 million with just 5 % down?
Homes priced above $1 million aren’t eligible for CMHC insurance, so a 20 % down payment is required. We’ll map out high‑ratio versus conventional options to make sure your dream property on Leslie Street fits comfortably within your budget.
How fast can we get pre‑approved with your team?
With complete documents, most Newmarket clients receive a solid pre‑approval in 24 – 48 hours.
