First-Time Homebuying
Get the tools, advice and strategy you need to succeed as a first time homebuyer.
First-Time Homebuying
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Fulfil the dream of home
Buying your first home is one of the most exciting and possibly the biggest financial decisions you’ll ever make – and you want to do it right! Nearly half of first-time homebuyers in Canada are young professionals who simply want to “become a homeowner.”
But, many aspiring homeowners quickly realize how challenging it is to fulfil their dream of homeownership. Purchasing a home is a big financial commitment involving many tasks, steps and requirements. Challenges may pop-up along the way making the process difficult, confusing and complicated, leaving many aspiring homeowners feeling anxious about making an expensive mistake.
So, where do you go? Or, more importantly, who do you trust with such a significant financial decision?
With a deep understanding of your long-term financial goals and current financial status, your Everything Mortgages Broker will guide you through the homebuying journey, answering your most daunting questions and mitigating any challenges along the way.
Frequently asked questions
Where should I start?
If you are a self-employed individual looking for a mortgage, it would be in your best interest to gather the required income documents and begin a mortgage pre-approval process with us. Contact us to speak with one of our self-employed mortgage specialists to help you organize and obtain the relevant documentation for you. Our digital document collection process simplifies the process, making getting pre-approved as hassle and stress free as possible.
Can I really only afford how much online calculators and banks are telling me?
Recent changes to mortgage lending (i.e. the stress test) have made it more difficult to qualify in recent years. But, there’s still hope yet. We use a creative approach to find the solution that’s best for you. As your broker, we have access to a portfolio of over 35 lenders including banks, alternative and private lenders.
What is the minimum down payment?
Minimum down payment for your first home purchase is 5% of the first $500,000 and 10% on anything above that. Down payments can consist of your savings, RRSP's of up to $35,000 per applicant (first-time homebuyers only or if you've recently separated), gifted down payment, inheritance, and to clarify, can still even be borrowed (i.e from a line of credit or loan).
How do I make an offer?
Once you find the house that you want to make home, you’ll work with your realtor to submit your offer to the sellers. With your pre-approval and qualification information you’ll show sellers that you’re serious and confident about your home purchase.
How can you use a second mortgage?
Debt Consolidation
Credit Improvement
Vacation
Education
Bridge Loan / Deposit on Home Purchase
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