5 Things Every First-Time Home Buyer in Canada Should Know
Buying your first home is exciting — but it can also be overwhelming. Between fluctuating mortgage rates, government incentives, and a competitive real estate market, first-time buyers in Canada face a unique set of challenges. Here are five important things to know before you make your move.
1. Government Incentives Can Help
The First-Time Home Buyer Incentive is a federal program offering 5% to 10% of your home’s purchase price as a shared equity loan. This helps reduce your monthly mortgage payments. It’s worth exploring if you meet the income and borrowing criteria.
2. Your Credit Score Matters
Lenders use your credit history to determine your mortgage eligibility and interest rate. Before applying, check your credit score and pay down outstanding debts to improve your financial standing.
3. Mortgage Pre-Approval Sets You Up for Success
Getting pre-approved shows sellers you’re serious and gives you a clear idea of your budget. It also locks in your interest rate for 90–120 days while you shop.
4. Closing Costs Can Surprise You
Don’t forget about legal fees, land transfer taxes, inspection fees, and title insurance. These can add up to 3–5% of your home’s price — and they’re due upfront.
5. Working with a Mortgage Broker Saves Time and Money
A professional broker can access a wide range of lenders and help match you with the best mortgage product for your needs — especially helpful for first-time buyers navigating all the options.
Final Thoughts:
Buying your first home in Canada doesn’t have to be intimidating. With the right information and support, you can take confident steps toward ownership. At Mortgages.ca, we specialize in helping first-time buyers across the country. Contact us today to get started.