Local to Norfolk County
First-time home
buyers
Understand what you can afford, how much you’ll need saved and which mortgage options suit your needs. I’ll guide you through the financing and support you through to closing, with clear explanations along the way.
Know what you can comfortably afford
Your home-buying budget should reflect your everyday expenses and savings goals. I’ll review your finances and set a comfortable price range before you start your search. If a price would stretch you too far, I’ll tell you.
I’ll help you:
- See how different purchase prices affect your monthly payment.
- Account for property taxes, utilities and other homeownership costs.
- Leave room for repairs, savings and everyday spending.
- Focus your search on homes within your budget.
Know what you’ll need saved
I’ll help you estimate the upfront costs of buying, so you know how much you need and can plan your savings.
Your down payment and closing costs
I’ll review your down payment requirements and estimate costs such as legal fees and land transfer tax, with room for moving expenses. If family is helping with your down payment, I’ll explain the documents your lender needs.
Programs you may qualify for
I’ll check your eligibility and explain how each program could support your purchase.
First Home Savings Account
Save for an eligible first home with tax advantages.
Home Buyers’ Plan
Use RRSP savings toward your purchase if you meet the eligibility and repayment rules.
Get answers about qualifying
I’ll review your income, credit and existing debt, explain the documents you’ll need and flag anything to address before you apply.
I’ll guide you through pre-approval so you know how much you could borrow. The lender makes the final decision after it reviews your finances and the home you choose.
Compare your mortgage options
I’ll find mortgage options that suit your needs and explain how their rates, payments and terms compare.
Monthly payments
What you’ll pay and whether that amount could change.
Repayment period
How the time you take to repay affects your payments and total interest.
Future changes
What it could cost to sell or end your mortgage before the term is up.
Extra payments
How you can pay down the mortgage faster.
You’ll know the costs and conditions before you decide.
Questions about buying your first home
How much should I save beyond my down payment?
A useful starting point is 1.5% to 4% of the purchase price for closing costs. On a $500,000 home, that’s $7,500 to $20,000. Your actual costs will vary. I’ll help you estimate them and leave room for moving expenses and a financial cushion.
Do I need a 20% down payment?
Not always. For an eligible home purchase, the minimum down payment depends on the price:
- $500,000 or less: 5%.
- More than $500,000 but less than $1.5 million: 5% on the first $500,000, plus 10% on the rest.
- $1.5 million or more: 20%.
You still need to qualify, and some situations call for more. With less than 20% down, you’ll usually need mortgage default insurance.
Can I buy my first home if I have student loans or a car payment?
Having debt doesn’t automatically rule you out. Lenders look at your existing payments alongside your proposed housing costs, income and credit history. Before you use savings to pay off a debt, we’ll check whether paying it down would actually improve your options.
Can I use both an FHSA and the Home Buyers’ Plan?
Yes, you can use both toward the same qualifying home if you meet each program’s conditions. You don’t repay qualifying FHSA withdrawals, but you’ll need to repay RRSP withdrawals under the Home Buyers’ Plan. Before you take money out, I’ll help you check eligibility, withdrawal timing and paperwork.
Could I qualify for a first-time buyer program if I’ve owned a home before?
Possibly. Each program defines a first-time buyer differently. For example, the Home Buyers’ Plan looks at your recent ownership and living history, including certain situations involving your spouse or partner. Tell me about your previous home, and I’ll check each program for you.
Can I spread my mortgage payments over 30 years?
Eligible first-time buyers can qualify for an insured mortgage with a 30-year repayment period, even with less than 20% down. A longer repayment period generally lowers your payments but increases total interest if other terms stay the same. I’ll compare the payments and total cost against a 25-year option.
Let’s talk about your first home
You don’t need a budget or a pre-approval to get in touch. Tell me a little about your plans or the question on your mind, and we can start there.
A first conversation costs nothing and commits you to nothing.