Purchasing your first home is a significant milestone, filled with both excitement and questions. From understanding how much you can comfortably afford and saving for a down payment, to getting pre-approved and navigating the offer process, each step is crucial. As your mortgage specialist, I simplify this journey. We'll explore potential first-time buyer incentives available in Canada, find competitive rates from a wide range of lenders, and ensure you understand every option. It's more than just securing a loan; it's about empowering you to achieve your dream of homeownership with clarity and confidence.
What are "closing costs" besides the down payment?
These can include legal fees, land transfer taxes (if applicable in your province/municipality), appraisal fees, and home inspection costs. It’s important to budget for these.
How long does the entire home buying process usually take?
It varies, but typically from starting your search to closing can take anywhere from a few weeks to several months, depending on market conditions and your preparedness.
Are there special programs available for first-time buyers?
Yes, programs like the RRSP Home Buyers’ Plan and the First Home Savings Account (FHSA) can help. We can explore if these are a good fit for you.
What exactly is a mortgage pre-approval?
A pre-approval estimates how much you can borrow and often includes a rate hold. It shows sellers you’re a serious buyer and helps you shop with confidence.
How much of a down payment do I actually need?
In Canada, the minimum down payment depends on the home’s purchase price. It starts at 5% for homes up to $500,000. We can discuss your specific situation and how mortgage loan insurance works.