Mortgage for First Responders
“First responder” is a professional designation that has been thrust to the forefront over the last couple of years. Although, admiration for those who have chosen this career path has been deserved since the beginning of time. That said, the financial reward has not always been there, especially for those with limited seniority. If you’re among this lot and are considering your very first mortgage you may feel trepidation about approaching lenders, or even getting pre-approved. Allow us to alleviate your uncertainty. Below is a breakdown of why securing a loan for your first home can be much easier than you think.
3 Things First Responders Want to Know About Getting a Mortgage in the BC Southern Interior
Are There Dedicated First-Responder Mortgage Programs Available?
You may (or may not) have heard that there are dedicated programs available to first responders in BC. In 2019, a new first-time homebuyer mortgage financing solution was first made available to make securing a mortgage easier for BC’s medical care providers and emergency responders (in addition to skilled tradespeople and educators). Then last June, news of a first-responder specific mortgage program made the rounds across Canada. Those eligible for the program included the following:
- Police Officers
- Correctional Services
- Border Services
- Search & Rescue
- Registered Physicians
- Registered Nurses
Features of such programs included lowest available discounted rates, coverage for appraisal costs, rebates, and other financial incentives. Whether or not such a program is available (in the BC Southern Interior) by the time you’re ready to buy a home is beside the point. Like with a number of marketed promotions (Black Friday, Boxing Week, etc.) financial incentives are available all-year long through a mortgage broker. A well-connected broker has access to lower unadvertised fixed and variable rates in addition to private lenders who may offers terms that are far more favorable to your financial situation. A mortgage broker will also help you capitalize on other first-time buyer incentive programs, which we discuss below.
First-Time Buyer Programs First-Responders Will Love Too
When you partner with a mortgage broker, you will get easier access to first time buyer incentive programs that are available in BC. These programs will reduce your downpayment requirements. You may also qualify for RRSP home buyer plans, tax credits, new housing rebates, and green home programs. You can check your qualifications as a first time buyer on the Government of Canada website here, or avoid spending hours doing research (more on this below) and simply call our Penticton BC office to ask.
Further Reasons Why Partnering With a Broker is Essential
In the considerations above we showed you how a broker will make it much easier for you to get a mortgage than if you attempt to get a home loan on your own. That’s just the tip of the iceberg. A full service broker can manage all of the red tape for you, including calculations, pre-approvals, lender negotiations, insurance, closing documentation, and more.
Your town looks to you as the first-on-the-scene for anything that can happen. We want you to consider us in the manner when it comes to getting a loan for your dream home. You’ve got enough on your plate, so let us take the reins. If buying a home in the BC Southern Interior, contact Carloni Mortgage Brokers today at 250.493.9111.