First-Time Homebuyers
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Thinking About Buying Your First Home?
Congratulations on considering homeownership! Whether you’re just starting your search or have already saved for a down payment, I’m here to simplify the process and handle the financing details. This way, you can focus on finding your ideal home.
Get Pre-Approved First!
A Pre-approval is a vital first step. It confirms your budget, locks in your interest rate for up to 120 days, and demonstrates to sellers that you’re a serious buyer—at no cost to you.
Understand the Costs
Be prepared for both upfront and ongoing expenses. Upfront costs include your down payment and closing costs, such as Land Transfer Tax and legal fees. Ongoing costs encompass mortgage payments, property taxes, and more. In Canada, the minimum down payment is 5% for home purchases up to $500,000 and 10% for amounts above that, up to $1,499,999.99. If your down payment is less than 20%, mortgage default insurance is required. For any purchase of $1.5 million or more, a minimum down payment of at least 20% is mandatory.
