Buying your first home is an exciting milestone—but it can also feel overwhelming. Between down payments, mortgage rules, and government programs, it’s not always clear where to start.

That’s where the right guidance makes all the difference.

As a mortgage broker, my role is to help first-time buyers understand their options, avoid costly mistakes, and secure a mortgage that supports both short-term affordability and long-term financial goals.

Before shopping for homes or meeting with a lender, it’s important to understand what you can comfortably afford—without stretching your budget too thin.

Two commonly used affordability guidelines are:

• Housing costs (mortgage payment, property taxes, heating, and condo fees if applicable) should generally be no more than 39% of your gross monthly income
• Total monthly debt obligations should typically stay below 44% of your gross monthly income

These are guidelines, not hard rules, but they provide a solid starting point when planning your purchase.

It’s also important to consider:

• Your savings and investments
• Existing debts such as car loans, student loans, or credit cards
• Ongoing lifestyle expenses and future plans

A mortgage pre-approval is one of the most important first steps for first-time buyers.

A pre-approval helps you:

• Understand how much you may qualify for
• Estimate your monthly mortgage payments
• Lock in an interest rate for a set period (typically 60–120 days)
• Strengthen your offer when purchasing a home

Sellers and real estate agents often expect buyers to have a pre-approval in place before making an offer.

There are several government programs and incentives designed to make homeownership more accessible for first-time buyers. Depending on your situation, these programs can reduce upfront costs or improve monthly affordability.

If your down payment is less than 20%, mortgage default insurance is required in Canada. This insurance is provided by organizations such as CMHC and protects the lender—not the borrower.

An insured mortgage:

• Allows you to buy with as little as 5% down
• Often comes with lower interest rates compared to uninsured mortgages
• Includes a one-time insurance premium that is added to the mortgage balance

While mortgage insurance increases the total cost of borrowing, it allows many first-time buyers to enter the housing market sooner.

First-time buyers often benefit the most from working with a mortgage broker.

A broker can:

• Compare options across multiple lenders—not just one bank
• Explain mortgage terms, penalties, and long-term costs in plain language
• Help structure your mortgage to match your future plans
• Identify programs and incentives you may qualify for
• Guide you from pre-approval through to possession day

The goal isn’t just to get you approved—it’s to ensure your first home purchase sets you up for long-term success.

Whether you’re just starting to explore the idea of buying or you’re ready to get pre-approved, getting clear advice early can save you time, stress, and money.

If you’re a first-time home buyer and want a clear plan tailored to your situation, I’m happy to help.

Book a consultation today and take the first confident step toward homeownership.