Buying your first home is an exciting milestone, but it can also feel overwhelming. With rising home prices and financial considerations, it’s important to have a solid plan in place. That’s where Sunrise Credit Union can help. Whether you’re looking for guidance on saving for a down payment, understanding mortgage options, or maximizing government incentives like the First Home Savings Account (FHSA), we’re here to support you every step of the way.
One of the biggest challenges for first-time home buyers is saving for a down payment. The First Home Savings Account (FHSA) is a tax-advantaged way to set aside money for your first home. You can contribute up to $8,000 per year, with a lifetime maximum of $40,000. Contributions are tax-deductible, helping to reduce your taxable income. Your savings grow tax-free, meaning you won’t pay tax on investment earnings. When you withdraw the funds for your first home purchase, the money comes out tax-free. This account is designed to make homeownership more attainable by giving first-time buyers a financial advantage. At Sunrise Credit Union, we can help you set up an FHSA and ensure you’re making the most of this opportunity.
At Sunrise Credit Union, we understand that buying a home is one of the biggest financial decisions you’ll ever make. First-time home buyers trust us because of our personalized service, where we take the time to understand your financial situation and homeownership goals, offering custom mortgage solutions tailored to your needs. Our mortgage rates are designed to help you get the best deal possible, ensuring you keep more money in your pocket. We offer flexible terms, whether you need a fixed-rate mortgage for stability or a variable-rate mortgage for flexibility. Our experienced mortgage specialists are here to guide you through the entire process, from pre-approval to closing day.
If you’re ready to take the leap into homeownership, Sunrise Credit Union is here to help. From setting up a First Home Savings Account to finding the perfect mortgage, we’ll ensure you have the tools and support needed to make your dream home a reality. Contact us today to learn more about how we can help you buy your first home with confidence!
