So, you feel ready to become a first time buyer! As exciting as it may be, it is a daunting process, but we are hoping that this guide will make the process more comfortable for you. We have compiled what we feel are the most important aspects that you will need to consider before you make your purchase. Before you purchase your first home, it is vital that you feel ready – financially and emotionally. So, let’s get started.

How do I know if I qualify?

You may feel ready to embark on the homeowner journey, but how do you know if you can qualify? Well, quite simply - you will have to demonstrate to your chosen lender that a) you can afford a mortgage b) what is your credit like? They are the two crucial aspects that a lender will consider, they will also look at the following:
All lenders have to make these considerations before assessing if you qualify, set by the Financial Consumer Agency of Canada.

What are the perks for FTB in Canada?

Well, the first perk is the fact that this will be one of the best financial investments of your life. You are basically starting your retirement fund; if you make regular payments (on time), then you are capitalizing on your future. Not only that, there are a few government incentives, to make the buying process affordable. The main schemes are:

Required Documents

There are various documents required, especially with your first home, and mortgage application. Below we have listed the usual requirements. However, it is important to know that more information might be needed depending on your circumstances.

Key Documents:
  1. Proof of Identity
  2. Proof of Income
  1. Property Documents – once you have selected your home, you will need an agreement on the proposed purchase
  2. Confirmation of deposit

One key thing that we do need you to be aware of to avoid disappointment is to apply to be pre-approved for your mortgage. We suggest that you do this before you start your house hunting journey.

A simple guide to your first mortgage: