There are however some programs and incentives that are available especially for first time home buyers in Edmonton that will make the purchasing process easier and cheaper. The first home buyer incentive Edmonton from the federal government is one of the best. This program provides financing of up to 10 percent towards the purchase of a first home through a shared equity mortgage. This incentive amount is not required to be repaid for up to 25 years or until the house is sold, whichever occurs first.

For one to be eligible for the first home buyer incentive Edmonton, he or she must have a gross income of less than $120,000 per year and be willing to pay a minimum of 5% of the price of a qualifying home or up to $480,000. However, there is always the provincial and possibly municipal first time buyer bonus as well as the government incentive.

Apart from these and many other incentives, the prime interest rates for mortgages in Edmonton today make the idea of owning a home even more enticing to the new homeowners. Current mortgage rates in Edmonton are at 4% and it is still low when compared to historical standards. Combined with the first-time buyer incentives, these rates represent great value and low cost of holding or maintaining your first home.

It is therefore advisable to consult an expert mortgage broker especially in Edmonton to secure the best rate and loan package to suit your needs. This will include explaining all the first-time buyer incentives available in the market and ensure that you meet the requirements. This could help you save thousands of dollars for the period you are paying your mortgage.

Purchasing your first home is one of the most exciting moments in any person’s life. It is also very possible at the moment, especially with helpful incentives and favorable rates in Edmonton. Consult with your experts, do your homework and this is one big step you can take towards owning a home.