#first-time-homebuyers

#first-time-homebuyers

Introductory period: The initial fixed-rate phase before adjustments begin. Adjustment period: How frequently the rate can change after the intro period ends. Index: The benchmark interest rate used to calculate future rate changes. Margin: The lender's fixed markup added to the index. Initial cap: Limits how much the rate can increase at the first adjustment. Periodic cap: Limits how much the rate can change at each adjustment. Lifetime cap: The maximum interest rate allowed over the entire loan term.

During the lock-in effect period, millions of existing homeowners with ultra-low rates have been financially disincentivized to move or "trade up," i.e., buy a more expensive or larger home, which made the number of homes for sale scarce for would-be homebuyers. This led to younger-generation bidding wars for a limited pool of starter homes and kept many locked out of the market.

The Ontario government is proposing to help first-time homebuyers by lowering costs with a sales tax rebate it says could save up to $130,000, when combined with other provincial and federal saving initiatives. The proposal, which will be included in next week's fall economic statement, will rebate the eight per cent provincial harmonized sales tax (HST) for first-time buyers purchasing a home valued up to $1 million.

Thinking about leaving the city for scenic Westchester? On Thursday, October 23rd at 3 p.m., join Houlihan Lawrence real estate salesperson Cathy Devore for "Kicking Off Your Westchester Home Buying Adventure," a webinar designed for first-time homebuyers navigating the transition from urban to suburban life. This comprehensive webinar will demystify the home-buying process. With her background in institutional fixed income sales and deep roots in the area, Cathy brings both financial expertise and intimate local knowledge to help you make informed decisions.

First-time homebuyers regret not understanding the full costs of homeownership, indicating a critical gap in necessary information for effective budgeting.