Your first home · Your first mortgage
First-time home buyer mortgages
You have questions. You don’t need to have all the answers. I’ll help you prepare for your first mortgage, compare lender options and understand what needs to happen before you get the keys.
Speak directly with Samir Hire · English, Hindi & Marathi
A starting point, wherever you are
Your first mortgage, step by step.
Still saving, browsing listings or ready to make an offer? Start with your current situation. We can identify what’s ready and what needs attention.
Set your comfort zone
Work out a monthly ownership budget and the cash you can put towards the purchase.
Prepare your application
Gather income, down payment and debt information so your borrowing position can be reviewed.
Understand the offer
Compare lender terms, costs and conditions before choosing a mortgage for the home.
Work towards closing
Address outstanding lender requests and coordinate signing and funds with your legal professional.
Affordability before house hunting
Understand your budget before shopping.
The amount a lender may approve and the payment you want to live with can be different. Leave room for life after moving day.
The FCAC’s mortgage preparation guide explains how your financial position affects qualification.
Your monthly ownership budget
Consider the mortgage payment, property taxes, insurance, utilities, maintenance and any strata or condo fees alongside your other commitments.
Your down payment
Review how much is available, where it comes from and when you can access it. Keep records for savings, transfers and any family contribution.
Your closing costs and cushion
Allow for legal work, purchase adjustments, moving and applicable taxes or other transaction costs. Keep an emergency cushion separate from the cash needed to complete.
Cash needed to buy
Plan the down payment and closing costs together.
Your down payment is only part of the money you need. Ask for a purchase-specific breakdown before deciding what you can afford.
The required down payment depends on the price, property, lender and any insurer’s criteria. Mortgage loan insurance may also apply. Check the FCAC’s current down payment guidance, then discuss how it applies to your purchase.
If family is helping, explain whether the contribution is a gift or a loan. The lender may request different records, and a repayable contribution can affect your borrowing position.
Ask which costs are payable before closing, which are due on completion and which may be included in the mortgage. Don’t assume everything can be financed.
Get ready for pre-approval
A practical first-mortgage checklist.
These are common preparation items. Your lender may ask for more or different documents depending on your income, down payment and purchase.
Your income and identity
- Current identification.
- Employment confirmation and recent pay records.
- Tax or business-income documents where requested.
- Details of other income you want the lender to consider.
Your savings and down payment
- Recent savings or investment statements.
- A record of where the funds came from.
- Gift documentation if family is contributing.
- Any planned registered-account withdrawals and their timing.
Your debts and monthly commitments
- Credit cards, lines of credit and loan balances.
- Regular repayment obligations.
- Any co-signed borrowing or other financial commitments.
Tell Samir about expected changes to your job, income or borrowing before making new commitments.
Your purchase plans
- Your preferred budget and approximate timing.
- Property type and intended occupancy.
- The purchase agreement and financing deadline, if you already have an offer.
- Property or strata documents requested for the lender’s review.
Start with a conversation. Share your purchase stage and questions first. Ask how to provide documents before sending identification, banking records or other sensitive information.
For focused guidance, see mortgage pre-approval.
Pre-approval helps you prepare; it is not a final mortgage commitment. The lender still needs to review the home and confirm its conditions are satisfied. Read the FCAC’s pre-approval explanation and discuss financing subjects with your real estate and legal professionals before removing them.
Choose with the details in front of you
Compare lender options and conditions.
The rate matters. So does how the mortgage works if your income, home or plans change.
Bring any mortgage offer you are considering and the questions you want answered.
- Payments
- Review fixed or variable rates, payment frequency and what could change the payment.
- Repayment timeline
- Understand the contract term and amortization, and how they affect payments and total interest.
- Flexibility
- Ask about extra payments, early-exit penalties and conditions on moving the mortgage.
- Costs and conditions
- Confirm applicable broker, lender and third-party costs, outstanding requirements and who must address them.
From an accepted offer to the keys
What happens before closing?
Share the accepted purchase agreement, financing deadline and completion date promptly. The lender assesses the property as well as your application and may request an appraisal or further records.
Review the commitment carefully and work through outstanding conditions. Your lawyer or notary handles the legal completion steps and gives signing and funds instructions. Mortgage funding depends on the lender’s requirements being met.
For the broader purchase process and property considerations, see home purchase mortgages.
Personal guidance
Ask the question in your own words.
I’m Samir Hire. We can talk through your first purchase, what you have prepared and what you need to understand before taking the next step.
New to Canada as well as buying your first home? Mention your residency, income and credit history so the application can be assessed for your situation.
First-home questions
A few things to clear up early.
You can start with a question, even if your purchase is still a way off.
When should I speak with Samir?
Before you make an offer is a useful time to review your budget, documents and borrowing position. If you are still saving, a conversation can identify what to prepare. If you already have an offer, share the financing deadline straight away.
Do all first-time buyers qualify for the same programmes?
No. Each programme has its own eligibility tests and conditions. Check the official rules for the programme and the action you are taking, including account opening or withdrawing funds. Ask a qualified tax adviser about your circumstances.
Can I buy with help from my family?
A family gift or another arrangement may be considered, subject to the lender’s and any insurer’s requirements. Explain who is contributing and whether repayment is expected. Ask what records are needed before transferring money.
Does pre-approval guarantee I can buy a particular home?
No. Final financing also depends on the property, updated information and outstanding lender conditions. Confirm what remains to be done before treating financing as final or removing financing subjects.
What does it cost to arrange my first mortgage?
Costs depend on the lender, product and transaction. Ask which broker or lender fees apply, who pays them and when. Request a written breakdown, and budget for your legal professional and other closing expenses separately.
Your next step
Let’s plan your first mortgage.
Tell me where you are in the process and what you want to understand. We can work out what to review next.
General information, not a mortgage commitment or a guarantee of approval. Financing availability, rates, fees and document requirements depend on the borrower, property, lender and any insurer. Confirm programme eligibility and tax implications with the appropriate professional.