First-Time Homebuyers

Helping you go from getting started to getting the keys.

The First Steps To Buying A Home

As a first-time homebuyer you will have lots of questions. Buying your first home is a big step and involves a lot of research, time, and paperwork — but don’t worry, I’ve got your back.

Step 1:

Research

Spend some time checking out real estate listings in areas where you would like to live. Consider what is important to you.

What sort of home are you looking for: detached, semi-detached, condo? Do want to be near schools, parks, grocery stores? Are you looking for a place with a rental unit? Do you want a new build?

Examine your overall financial situation. Consider your income, debts, expenses, credit score, and savings. As part of your homebuying budget, don’t forget to include additional costs for home inspections, lawyers, moving costs, insurance, and other incidentals.

Be sure to discuss how much you will be able to put towards a downpayment. Anything less than 20% of the purchase price will require a different kind of mortgage via CMHC, Genworth, or Canada Guaranty.

Step 2:

Budget

Step 3:

Meet with a Mortgage Broker

Research local mortgage brokers and take the time to meet with them. You want to be sure that your broker understands your situation and your desires.

Finding an experienced mortgage advisor, who understands the industry and is willing to guide you through the process, is key to making your homebuying dream a reality.

A mortgage is more than just a rate

One of the first things that homebuyers consider is the mortgage interest rate. However, there is much more to a mortgage than the rate.

Mortgages vary from case to case and may be adjusted to suit your lifestyle. Some mortgages offer flexibility to make additional payments, others allow you to skip a payment, and select mortgages can work as a home equity line of credit.

Common types of mortgages include:

Traditional/Conventional Mortgage
Available to buyers who make a 20% downpayment.

High-Ratio Mortgage
Available to buyers who have less than a 20% downpayment.

Fixed Rate Mortgage
Offers an interest rate that doesn’t change for a set period of time, typically between one and five years.

Variable Rate Mortgage
Offers an interest rate that changes based on the prime rate.

Convertible Mortgage
Offers the flexibility of moving from a variable rate to fixed rate, or a shorter term to a longer term without penalty.

How Fran Can Help

“I know the ins-and-outs of the mortgage business and I will make sure that first-time homebuyers receive the time and education they need to make the best choice for their future.”

Buying your first home is a big deal and you want someone who will help you understand your options, so you can buy with confidence. Fran will help you get the keys to your first home.

Step 1 of 8

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