Buying your first home in Canada? Get tips to assess affordability, improve your credit, save for a down payment, and get pre-approved to find and buy your dream home.
Purchasing your dream home is an exciting milestone, but choosing the right Canada home loan can be daunting for first-time buyers. We’ve got great rates and information to make your choice easier.
Buying your first home? You can do this, and we’ll show you how
Before you decide to buy a home, make sure you’ve carefully considered the costs versus benefits of homeownership. If you’ve never owned a home, rest assured we have all the resources and expertise to guide you through the journey.
Explore our helpful and straightforward checklists for every step of the process that will make buying your home easy.
Are You Ready for Homeownership?
Before searching for homes, assess your overall financial situation to determine if you are ready for homeownership. Being financially prepared will make the home-buying process smoother.
Being realistic about your finances prevents disappointments and stresses later in the process.
How much you can afford?
Understanding how much you can realistically afford will help you avoid getting in over your head financially. Follow affordability rules to determine the maximum home price and mortgage payment.
Build your credit score
Maintaining an excellent credit history will benefit you when applying for a mortgage. You can obtain your credit report from Equifax and TransUnion to check your score. Then, take steps to improve it.
Save for a down payment
What’s the minimum down payment you need for a house? The more you can put down, the better. Start saving for your down payment as far in advance as possible.
How Much Down Payment do you need for a House?
Figure out the upfront costs
When budgeting, remember to account for closing costs like Legal fees, Land transfer taxes, Title insurance, Home inspection, and Moving expenses. Ideally, 1.5% to 4% of the home price should be saved as a contingency for these closing expenses.
Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage early in the home-buying process has significant advantages. Pre-approval provides a letter confirming the amount you are qualified to borrow. It also shows sellers that you are a serious buyer.
You can apply directly through your lenders, but it’s better to work with an experienced mortgage broker who will compare multiple lenders to get you the best rate.
Get pre-approved with Best Mortgage Online
What Should You Know About Your Mortgage?
As a first-time homebuyer, choosing the best mortgage may be challenging. Grasping key decisions involved in securing a mortgage can help you navigate your path to homeownership with greater ease and confidence.
Find the right home for you
Once you are financially ready, it’s time to find the ideal property. Outline your wish list, research neighbourhoods, and start viewing homes that meet your criteria.
Why Should You Work With a Real Estate Agent?
An experienced real estate agent specializing in first-time buyers and your neighbourhood can provide invaluable expertise. They’ll schedule showings, point out unlisted options, negotiate offers, and handle all paperwork – making it easy for you. Vet agents to find one that meets your needs.
Making your offer and Closing on your purchase
Found your perfect home? Move fast and make your mark!
- Submit an offer with your agent outlining the purchase price, closing date, and terms.
- Be prepared to negotiate if the seller counters.
- Once an offer is accepted, confirm financing and inspect the home.
You’re nearing the finish line!
Use this checklist when closing to make the process smooth
- Finalize mortgage approval and make a down payment.
- Lawyer handles legal property transfer.
- Complete home inspection and any repairs.
- Get keys and officially become the owner!
First-Time Homebuyers? Explore our Helpful Resource
Take advantage of available resources on your journey
Home buying programs and incentives
The Government of Canada offers home-buying programs and incentives to help you purchase your home more efficiently. Your provincial or territorial government may also offer other home-buying programs and incentives.
First-Time Home Buyers Programs
Educational Materials
We offer various educational materials explaining mortgage options, terms, and steps for getting the lowest rate.
Ready to Make an Offer? Best Mortgage Online Can Help!
Buying a house is a big milestone, but our team of mortgage specialists can help make it stress-free and rewarding. We will:
- Simplify your options to determine the optimal loan product and program for your financial situation
- Compare multiple lenders to get you the absolute best rate and transparent fees
- Provide guidance tailored to first-time buyers on qualifying, applying, and successfully closing
- Offer localized insights on neighbourhoods, schools, market trends and conditions to inform your home search
Get personalized guidance tailored to your situation from trusted professionals. We’re here to help first-time buyers every step of the way so you can enjoy the journey to homeownership!