First-Time Home Buyers Guide to our Staged Deposit Program

Saving for a down payment can be one of the biggest challenges for first-time home buyers. We understand that it is not an easy milestone to reach—so we are here to help you get there. The staged deposit program at Genesis Builders Group allows you to pay off your down payment in smaller payments over a longer period of time. Ultimately, it will give you a head start on getting into your starter home.

What you need to know about our Staged Deposit Program:

How do I get started?

Before you set up the staged deposit program, it is important to understand your pre-approval mortgage amount. Genesis Builders Group recommends that you visit a mortgage broker or bank first to determine what homes are in your price range and balance your wants and needs.

Who is this staged deposit program designed for?

While the Genesis Builders Group staged deposit program is available for any homebuyer, it is most commonly accessed by first-time home buyers looking to get over the hurdle of a lump-sum down payment.

How does the staged deposit program work?

Once you have established how much you can afford and have zeroed in on a specific home and community, Genesis Builders Group can help you set up your staged deposit program. This will allow you to split up your 5% down payment into 10 easy payments before you take possession of your home. The cost of the house will determine the size of the payments towards your down payment.

What home models are eligible for the program?

The staged deposit program is available for all Genesis Builders Group home models in all of the communities we build in. Specifically, we have a number of products suited for first-time home buyers to explore, including Newport at Canals Landing and Laurels of Saddlestone. The program is also well-suited for new construction homes because it allows you to pay your staged deposit payments while your home is being built.

What happens when I have paid off my down payment?

Now that you have paid off your down payment, it is time to take possession and move into your new home! At this stage, you can simply switch from down payment instalments to mortgage payments.

 

To learn more about the staged deposit program and how we can help you achieve your goal of home ownership, visit the sales centre in any of the Genesis Builders Group showhomes. We are here to help! Follow us on Facebook and Instagram to stay up-to-date on the latest news, events, and promotions.