Your first mortgage, explained clearly
Buying your first home in Ottawa, Perth, or Lanark County comes with a lot of new terms and decisions. Here's a practical, Canadian-specific breakdown of what first-time buyers need to know before applying for a mortgage — from pre-approval to closing day.
Get pre-approved first
A pre-approval tells you exactly what you can afford, locks in a rate for 90-120 days, and shows sellers you're a serious buyer. It's the single best first step before you start touring homes in Ottawa, Perth, or Lanark County.
Understand your down payment options
In Canada, minimum down payments range from 5% to 20% depending on the purchase price. Programs like the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) can help first-time buyers save on taxes while building a down payment.
Factor in default insurance and closing costs
If your down payment is under 20%, mortgage default insurance (CMHC, Sagen, or Canada Guaranty) is required. Budget for land transfer tax, legal fees, home inspection, and moving costs on top of your down payment.
Compare fixed vs. variable rates
Fixed rates offer payment certainty for the length of your term. Variable rates can move with the Bank of Canada's overnight rate but have historically saved borrowers money over the long run. We'll walk through the trade-offs for your situation.
Work with a broker who shops the market for you
As a licensed mortgage broker with access to 239 lender partners, I compare big banks, credit unions, and monoline lenders side by side so you get a rate and structure that actually fits your goals, not just whatever your bank offers.