A private mortgage is a deal where you obtain a loan for a property from a private lender. Instead of a bank or a credit union you apply for a mortgage loan from a private individual, a group of investors, or a corporation. When you apply with a private lender there will be criteria that your application will be judged on, similar to what banks would look at, and if you qualify you will be offered terms for a private mortgage loan.
There are three different types of private lenders that you can obtain a private mortgage from: an individual private lender, a syndicate or group of lenders, or a private mortgage lending corporation. Individual: A private individual who you make a deal with. Syndicate: A small group of investors who work together to finance deals. Corporation: A company funded by investors who can finance multiple projects.
In order to be qualified as a first time home buyer for this tax credit:
If you purchase a newly built home, do substantial renovations on your home, or rebuild a home that has been destroyed by a fire you may be able to claim the GST/HST New Housing Rebate. The value of your home factors in how much you may receive, decreasing to a partial rebate if your property is valued at above $350,000. While you do not need to be a first time home buyer to claim this rebate, you can apply for it in addition to the other benefits available.