If you are a first time homebuyer you probably have countless questions regarding the home buying process and mortgage financing. This presentation will answer many of these questions and help you on your way to owning your first home.

1. First Time Homebuyer SeminarSeptember 19th Presented by Brad Compton

2. What Does It Take to Own a Home This presentation will review: Why use a Mortgage Consultant Your credit – what you need to know Home purchase process Government programs and tax credits Refinance – what to look out for How to pay down your mortgage faster

4. Educate the client on their available options making sure they are part of the decision process

5. Simplify the mortgage process from start to finish by liaising with the lender and handling all document requirements

6. 24/7 availability and continuous service after the mortgage closes

7. Protect your credit

9. Know Your Score

10. The Home buying Process Step 1 – Mortgage pre-approval Step 2 – Shopping for your home Step 3 – Mortgage approval Step 4 – Subject removal Step 5 – Legal process

11. Purchase Scenarios

12. Own Your Home Sooner A couple strategies to pay down your mortgage quicker and own your home sooner! – Make bi-weekly or weekly payments – Put extra money toward the mortgage when you can afford it * Assumes lump sum payment of $2,000 per year

13. Things You Should Know First Time Homebuyers Program – Each applicant can withdraw up to $25,000 from their RSP to use toward the purchase of a home ($50,000 in total). Land Transfer Tax Rebates – First time homebuyers will receive a refund of their provincial land transfer tax up to a maximum house value of $227K. The Toronto land transfer tax will be refunded up to a max house price of $400K. Minimum Downpayment – Minimum of 5% required for the purchase of a property. Mortgage Insurance – All mortgages with less than 20% equity must be insured.

14. Things You Should Know First Time Homebuyer Tax Credit – First time homebuyers are eligible for an income tax credit of 15% of their closing costs up to a maximum of $750. New Home GST Rebate – Buyers of a new home can apply to get a 36% GST rebate to a maximum of $6,300. Note, most new home builders include the GST in the purchase price and therefore the purchaser would not be eligible for the rebate. Home Renovation Tax Credit – Home owners are eligible for up to a 15% tax credit on eligible home improvement expenses of a minimum of $1K to a max of $10K in 2009.

15. Things You Should Know Information Required Before Closing – Lawyer’s information – Void cheque – Proof of income (job letter, recent pay-stub, business license, T1 General, Notice of assessment) – Proof of down payment (3 month’s worth of bank/investment statements, gift letter) – Appraisal (if not a CMHC insured mortgage)

16. The High Cost of RentingCan You Afford It?

17. Any Questions? Brad Compton Mortgage Consultant Telephone: (416) 671-2183 E-mail: bradcompton@invis.ca www.YourLowMortgage.ca