Welcome Home!
Congratulations on the purchase of your new home.
We have created this special webpage for incentive participants like you. Here you will find additional information and resources of value as a new homeowner.
The Program Administrator will be with you throughout the life of your FTHBI mortgage. If you have any questions or concerns, please contact us at [email protected] and we will be happy to assist you.
ACCESS ADDITIONAL REBATES
If your home qualifies as an energy-efficient home, or if you make home improvements that increase your energy efficiency rating, you may be eligible for a refund of up to 25% on your mortgage loan insurance premium. All three mortgage insurers offer these rebates. Take a moment to see if your home qualifies for the refund offered by your mortgage insurer.
- CMHC’s Eco Plus
- Sagen’s Energy-Efficient Housing Refund (PDF)
- Canada Guaranty’s Energy-Efficient Refund (PDF)
Homes not built under the qualified energy-efficient building programs listed by each mortgage insurer may also be eligible for the refund, but must be assessed by an NRCan qualified energy advisor and have a rating that complies with program requirements.
PLAN FOR THE FUTURE
Your home is likely your biggest investment. Consider the following tips for new homeowners:
- Make your mortgage payments on time: Late or missed payments can lead to extra charges and affect your credit rating.
- Anticipate the costs of operating a home: Extra expenses may include repair and maintenance costs, snow removal and alarm monitoring.
- Live within your budget: Check every few months to see if you’re spending more than you earn. If you are, find new ways to save more or spend less.
- Save for emergencies: Set aside 5% of your income as an emergency fund to be ready for unexpected expenses.
- Renovations: Consider repaying your incentive before doing renovations to your home which may increase its value (and the amount of the incentive which will have to be repaid in the future).
- Refinancing your mortgage: Before refinancing your home, talk to your lender to see if they require the incentive to be repaid before accessing any equity in your home that has been built up since you entered into your mortgage.
- Protect your home and family: Prepare an emergency evacuation plan and check fire extinguishers, smoke alarms and carbon monoxide detectors regularly. Also, consider testing your home for harmful radon gas.
- Seek help right away if you can’t make your payments: Your lender can help you deal with financial setbacks. Don’t wait. Let them know if you’re having financial issues.