First Time Home Buyer Mortgage

Edmonton Mortgage Broker

Your Journey to Homeownership Starts Here

Buying your first home is an exciting milestone, but navigating mortgages, down payments, and approvals can feel overwhelming. With expert guidance and access to a wide network of lenders, we'll help you understand your options and move forward with confidence.

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Little Wooden House on Floor of Cozy Room with Happy Family

Why Work With Tower Mortgage

Personalized Advice Beyond the Big Banks

Choosing a mortgage isn't just about finding a rate it's about finding the right solution for your future.

Unlike traditional lenders that can only offer their own products, Tower Mortgage works with multiple lenders to help you explore options that fit your unique goals and financial situation.

You'll receive personalized guidance, clear explanations, and support through every step of the process from pre-approval to closing day.

Benefits

✔ Access to Multiple Lenders

✔ Personalized Mortgage Recommendations

✔ Expert Financial Guidance

✔ Support from Application to Closing

✔ Solutions Tailored to Your Goals

Helping Albertans Move Forward with Confidence

Whether you're purchasing your very first home or planning your next move, Tower Mortgage is here to provide personalized mortgage advice and access to lending solutions that help you move into homeownership with confidence.

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First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) is a tax-advantaged savings account designed to help first-time home buyers save for their first home. It combines the benefits of tax-deductible contributions with tax-free withdrawals when the funds are used toward a qualifying home purchase.

Eligible Canadians can contribute annually up to the government limits, allowing them to build their down payment more efficiently while taking advantage of valuable tax savings.

Key benefits include:

✓ Tax-deductible contributions

✓ Tax-free withdrawals for a qualifying first home purchase

✓ Investment growth is tax-free while funds remain in the account

✓ Can be combined with other eligible first-time home buyer programs

Julie can help you understand how the FHSA fits into your overall home buying strategy and how it can be used alongside other available programs.

Concept of Interest Rate on a Housing Loan

First Time Home Buyer's Plan – RRSP Withdrawal

The Home Buyers' Plan (HBP) allows eligible first-time home buyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to use toward the purchase or construction of a qualifying home.

Funds withdrawn under the Home Buyers' Plan are tax-free, provided they are repaid to your RRSP over the required repayment period established by the Canada Revenue Agency.

The Home Buyers' Plan can be an excellent way to increase your available down payment while reducing the amount you need to borrow.

Julie can help determine whether using your RRSP through the Home Buyers' Plan is the right option based on your financial situation and homeownership goals.

Home Buyer’s Plan – First Time Home Buyer’s Tax Credit

You can claim $5,000 for the purchase of a qualifying home in the year of purchase,
as long as you have never owned a home or haven’t owned a home in the previous four years.

Mortgage Services