Liann Ackerman

Thinking of selling your home in the Spring but it is a bit outdated? I can help with a short term loan that will give you up to $40,000 (oac) to get your home in tip top shape and ready to sell! You can then demand top dollar and reap the rewards at sale time. Contact me to find out how! Office #705-726-3262

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The First Time Home Buyers Incentive Program is being launched September 2nd by the government. Details on the program can be found here: www.placetocallhome.ca/fthbi Contact me if you think this may work for you!... Here is how it works: The Incentive enables first-time home buyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments. Through the First-Time Home Buyer Incentive, the Government of Canada will offer: - 5% for a first-time buyer’s purchase of a re-sale home - 5% or 10% for a first-time buyer’s purchase of a new construction Below is an example of what this looks like: Anita wants to buy a new home for $400,000 and has saved the minimum required down payment of $20,000 (5% of the purchase price). Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) through the program. This lowers the amount Anita needs to borrow and reduces the monthly expenses. As a result, Anita’s mortgage is $228 less a month or $2,736 a year. Ten years later, Anita sells the home for $420,000. The Incentive will need to be repaid as a percentage of the home’s current value. This would result in Anita repaying 10%, or $42,000 at the time of selling the house.

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