First Time Buyer

First Time Buyer

In Ontario, Canada, there are several first-time buyer incentives available to help make home ownership more affordable. Here are some examples:

Land Transfer Tax Rebate: First-time home buyers in Ontario are eligible for a rebate of up to $4,000 of the land transfer tax paid on the purchase of their first home.

First-Time Home Buyer Incentive: This program, offered by the federal government, provides eligible first-time home buyers with a shared equity mortgage of 5% or 10% to help reduce their monthly mortgage payments.

Home Buyer's Plan (HBP): This program allows first-time home buyers to withdraw up to $35,000 from their RRSPs to use as a down payment on their first home.

First-Time Home Buyers' Tax Credit: This tax credit allows first-time home buyers to claim up to $5,000 on their income tax return for the purchase of a qualifying home.
Municipal Incentives: Some municipalities in Ontario offer incentives to first-time home buyers, such as grants, tax breaks, or affordable housing programs.

It's important to note that eligibility requirements and program details may vary for each incentive, so it's recommended to do your research and Contact Me to determine which programs are best suited for your situation.



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First Time Home Buyers

The first-time home buyer incentive

First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:
5% or 10% for a first-time buyer’s purchase of a newly constructed home
5% for a first-time buyer’s purchase of a resale (existing) home
5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
The Incentive’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will have to repay the Incentive based on the property’s fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the home’s value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the home’s value at repayment.
The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.

Here for you – Call or text Maxium today at 437-353-9977 or email at to speak about your situation.

Source: CMHC

First Time Home Buyers

Home buyers’ amount

The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Amount CMHC webpage to see if you are eligible.
Note: Line 31270 was line 369 before tax year 2019.

You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

you or your spouse or common-law partner acquired a qualifying home
you did not live in another home owned by you or your spouse or common-law partner in the year of the acquisition or in any of the four preceding years (first-time home buyer)

You may also consult your tax accountant for more information on your eligibility so you can take advantage of this benefit.

Here for you – Call or text Maxium today at 437-353-9977 or email at to speak about your situation.

Source: CMHC

First Time Home Buyers

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

What is the Home Buyers’ Plan (HBP)?

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Qualifying home – a qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit located in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

Related persons – are not considered to be dealing with each other at arm’s length. Related persons include individuals connected by a blood relationship, marriage, common-law partnership, or adoption (legal or in fact). A corporation and another person, or two corporations, may also be related persons.

Person with disability – you are considered a person with a disability if you are entitled to the disability amount. For purposes of the HBP, a person with a disability includes you or a person related to you by blood, marriage, common-law partnership or adoption. A related person with a disability does not have to reside with you in the same home.

Review the Home Buyers’ Plan CMHC Webpage for more information.

Here for you – Call or text Maxium today at 437-353-9977 or email at to speak about your situation.

Source: CMHC


Second Mortgage And Third Mortgage

Whether You Need $20,000, $500,000, Or $5,000,000 Maxium Dsouza – Mortgage Broker Is Your Best Alternative To A Bank!

Second Mortgage

It’s important to understand what a second and third mortgage actually is. A second mortgage is another mortgage that a homeowner can get in addition to their first mortgage. Second mortgages are usually smaller in size than the first mortgage and is given to the homeowner by a second mortgage company or a private lender. A second or third mortgage is a quicker and easier way for someone to get extra cash when they need it using the equity they have in their home.

A second or even third mortgage can be used to help pay down and consolidate higher interest debt in order to help you get out of debt faster, purchase a new home or property, home improvements and renovations, funding your child’s education, help a family member of friend, paying for business expenses or funding your own business, paying divorce or alimony costs, and more.

Maxium is specialized in helping our clients get approved for second and third mortgages even when the banks refuse to help. Having access to over 40 different lenders, Maxium will help you get the right second mortgage at the lohest interest rate and best term available to you. Whether you own one home or multiple properties, he can help you get approved and get the money you need quickly and hassle-free.

To borrow money through a second mortgage you need to have enough equity available in your home. Calculating home much equity you have available is easy. You simply take the value of your home and subtract any money that you still ohe to your mortgage. The amount of available equity increases as you make your monthly mortgage payments and will increase even more if the value of your property goes up.

If you already have a second mortgage and require additional money, he can help you look at your options. One option might be to refinance the second mortgage at a higher amount, or to take out a third mortgage. Maxium Dsouza can help you analyse your current financial situation and determine what option would be best for you given your specific situation.

He Helps Homeowners Get Approved Everyday, Even When The Bank Says “No”

Maxium understands that sometimes you might need extra money for various personal or business needs. These days it can be very difficult to get that money when you need it and the banks will often times put borrowers through a very long and time-consuming process only to deny them at the very end of the process. Luckily Maxium is here to help you get approved for a second mortgage or even third mortgage quickly and easily. Here are just a few of the more popular reasons that homeowners turn to Maxium to get the extra cash they need:

  • Debt consolidation
  • Education loans
  • Home renovations
  • Pay back taxes
  • Business expenses
  • Divorce and alimony costs
  • Child support
  • Car purchases
  • Buying an additional home of property

Call or text Maxium today at 437-353-9977 or email us at for a no obligation free mortgage consultation.


Should You Refinance Your Mortgage?

There are a multitude of reasons why a homeowner may be considering refinancing their mortgage. However, before any final decisions are made it is always a good idea to consider carefully whether refinancing is a good idea for you.

What is refinancing?

To refinance means to apply for a new loan on your current mortgage. Due to the fact that you are applying for a new loan, you will need to supply your lender with all of the details necessary for refinancing – this will include credit history, income history, your assets and the appraisal of your home to name just a few.

Reasons why most people refinance

The vast majority of mortgage refinances are completed in order to obtain a lower interest rate on a mortgage. After all, a lower interest rate can potentially save you thousands of dollars over the life of the loan.

Some other reasons to refinance a mortgage would include:

1. Stabilizing a monthly payment: Some homeowners opt to refinance their mortgages to switch from an adjustable-rate mortgage to a fixed-rate mortgage. When you have a fixed interest rate on your mortgage it is much easier to complete your monthly budget since the payment amount will not change.

2. Combining two mortgages: Though it is uncommon, some homeowners choose to refinance mortgages so that they can combine the two payments into one. For some, this is just to make things more convenient, while for others it may hold some financial benefits.

Though refinancing may seem like a good fit for you at this point, there are still a few questions that you need to ask yourself before moving forward. These questions are:

1. Is there any prepayment penalty on your current mortgage?
If so, you will need to figure the penalty into deciding whether the refinance math works in your favor.

2. What are the upfront costs for the new mortgage?
Refinances often come with closing costs so these will need to be accounted for.

3. How will the refinance impact your tax situation?
You may want to speak with an accountant to see if refinancing will change your taxes at the end of the year.

4. How much money will you save by refinancing?
This is the most important question of all. If the refinance isn’t going to save you any money there’s a good chance it may not be worth completing it.

Ultimately, your decision on whether to move forward with any refinance deal will depend entirely on your own personal situation. However, don’t be afraid to shop around for the best rates and you may soon find a refinance deal that works well for you.


Strategies to Dig Yourself Out of the Debt Hole

Debt. It’s something almost everyone will have at some point in their life. But what happens when your debt begins to get the better of you? What options are available? Some simple strategies can help you get your debt out of a seemingly unmanageable situation; it’s just a matter of choosing the right one for you.

One common debt issue is having multiple credit cards but feeling like you’re getting nowhere in paying them off, even when you’re making payments larger than the minimum. People tend to get caught up in making sure they pay all their cards off at the same rate, regardless of balance owing or interest rate. The solution is to prioritize your debt.

Select the card you want to pay off first and focus your efforts on it. Keep making the minimum payments on your other cards; you don’t want to damage your credit rating by having late or delinquent payments reported on your credit history. For example, if you have three credit cards and are paying a sum over the minimum payment on all of them, take the extra amount you’re paying on the other two, and focus on the one you want to eliminate first. This should be the one with the highest interest rate. Once it’s paid off, refocus on the next, including the amount you’d been paying on the now paid off card. Doing this will feel slow at first, but will give you a feeling of accomplishment as you pay off each debt.

Another option is to sit down with your bank or credit card provider and discuss lower interest options. If your rating is still healthy, most banks will switch between different credit cards, such asmoving from a cashback card to a lower interest card. Others will lower your interest rate. Keep in mind, if you don’t ask, the answer is automatically ‘no’.

You can also look at a debt consolidation loan with an experienced Mortgage Professional. A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way by taking advantage of refinancing some of the equity in your mortgage to reduce your credit card debt.

Your last option is to declare bankruptcy or to complete a consumer proposal. A consumer proposal will allow you to retain more assets than a bankruptcy, but both will effectively destroy your credit rating. If this happens, you will not be able to apply for credit from anyone but a high risk, high interest lender until seven years from the completion of the consumer proposal or discharge of the bankruptcy.

When dealing with debt there are several solutions. The key is to recognize when your debt is becoming a problem and take action. The longer you wait to deal with the problem, the fewer options you will have available to you. If in doubt, speak to an advisor. A meeting will cost you nothing but time, and could provide you with some direction as to what is the best option for you.

Your solution could potentially be a combination of all of these strategies. Sitting down with an advisor will help you determine whether a prioritized payment strategy, restructure of debt, consolidation, or a mix of the three are going to be the best fit for you. Most importantly, you must act before you get to the point where Bankruptcy becomes your only option.