First Time Home Buyer Mortgage Tips | ONTARIOMORTGAGE.CA


Are You Looking For Your First Home?


Buying a home is an exciting time! You're about to take a big step so you'll definitely need some advice from a mortgage professional. I will give you the facts your bank won't tell you about financing your home purchase. With access to multiple lenders, l will help you to find the best mortgage rates and best mortgage options... and I will help you to buy your dream home! 

Get answers to your mortgage questions by watching VERICO Canadian Guide to Mortgages...

For all 17 videos click here.


You Need a Mortgage Pre-approval BEFORE You Go House Hunting...!


Find out how much you can afford before you go house hunting! This will keep you focused on shopping for homes within your price range. If you qualify for a pre-approved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time.

If you don't qualify for a lowest rate mortgage, I will be able to help you through my alternative lender products.

Not everyone qualifies for the lowest rates on the market. Not everyone has the perfect credit score or large down payment. Some homebuyers are new to Canada, some are self-employed and others have less than perfect credit.

Whatever your case may be. I am here to help you 24/7/365 and I will help you to secure the best mortgage financing for your situation and I will do it FAST! 


  • You should NOT be applying for your mortgage at your own bank or other major banks. This is because banks use “bank posted rates” and not “discounted rates” plus they have harder qualifying guidelines than other lending institutions. Yes, you could walk out with your approved mortgage in hand, but over time you will end up paying more than if you obtained a mortgage through experienced mortgage professional like myself.
  • You should NOT be running from a mortgage broker to mortgage broker. This is because each mortgage broker or mortgage agent will make a hard hit to your credit report and with each hard hit to your credit file, your credit score will be lowered and that could result in denial or higher interest rate on your new mortgage. 


10 tips for home buyers seeking a mortgage 


Buying a home is a daunting process. And for most Canadians, a mortgage, is one of the biggest financial undertakings of their lives. Here are some handy mortgage tips to consider before taking one on: 

  1. Expert advice: First-time home buyers need the right information to make informed decisions. I can help you to understand various elements of homeownership and walk you through the purchase, finance and legal aspects of the process. Most mortgage brokers have a network of experts to help home buyers with the transaction. Mortgage brokers are very knowledgeable and they have access to more than 30 lenders. Our relationship with lenders can really add value for you whether you are buying your first home or renewing your mortgage.
  2. Payment calculators: There are many online affordability calculators, like this one, you can plug in numbers for interest rates, principal amount and amortization period and get an idea regarding monthly mortgage payments.
  3. Terms and glossary: Many Canadians struggle with industry terms such as interest rate differential, term or maturity date. Take the time to learn the terms in order to make an educated decision.
  4. Mortgage Default Insurance: First-time home buyers, who have less than a 20 percent down payment, must purchase Mortgage Default Insurance. Depending on the purchase price of the home, the fee can total thousands of dollars. To avoid this, see if it’s possible to make the minimum down payment.
  5. Type of mortgage: Whether purchasing, renewing or refinancing your mortgage, one of the key decisions is choosing between fixed and variable-rate mortgages. Fixed mortgages come with a set interest rate that remains unchanged throughout the term of the loan; whereas, interest rates on variable mortgages are typically set below fixed rates, but vary over time.
  6. Down payment: The bigger the down payment, the smaller the mortgage loan and monthly payments. However, if you’re a first-time home buyer and are struggling to come up with the minimum five percent down payment, don’t despair. Many people don’t know that if they don’t have cash for a down payment, they can borrow it from a non-traditional source like a line of credit or a personal loan.
  7. Portable mortgage: Portability is a feature that allows moving the mortgage, with its current rate and terms, to a new property without penalty. Portability is extremely important if you expect to upgrade in the foreseeable future. Most lenders do offer a portable mortgage that help homeowners save on penalties for breaking the mortgage when they move to another property.
  8. Prepayment option: The prepayment privilege allows borrowers the flexibility to increase monthly payments or make a lump sum payment to pay off their mortgage before the maturity date, without penalties.
  9. Fallback plan: Have three to six months worth of mortgage payments in a savings account to help with unexpected home expenses, such as a collapsed roof, or life events, like job loss, that have financial implications.
  10. Learn before you buy: If this is your first or second home purchase and you want to obtain the best mortgage for your situation then I urge you to do some homework and study “Homebuying Step by Step Guide” from CMHC and "A Better Way To Homeownership" from GENWORTH FINANCIAL. For Government of Canada Programs to Support Homebuyer click here.

My goals are exactly the same as yours and that is to obtain the best financing for your situation free of charge. In majority of cases the lender pays me a commission for my time and not you.

Now sometimes, we may have to turn to alternative mortgage lenders which are specializing in difficult situations for people with damaged credit rating and of course there may be some additional fees. However, these fees won't be outrageous and they will be disclosed to you prior to you signing a mortgage commitment.

In the worst case scenario, I can fund your home purchase through private mortgage lenders, but interest rates and fees will be a bit higher.



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