Key takeaways
- Qualifying for an amount doesn't mean you should borrow it.
- Budget for closing costs early.
- Ask questions. There are no silly ones.
You don't need to have everything figured out before speaking with a mortgage agent. But a little preparation makes the conversation more useful.
Know your numbers
- Roughly how much you have saved for a down payment, and where it's held
- Your monthly income and regular debts
- Money set aside for closing costs, which are separate from the down payment
Check your credit
You're entitled to your credit report from Canada's credit bureaus. Review it for errors, and pay down high card balances when you can. More in how credit affects your mortgage.
Gather typical documents
Lenders commonly ask for ID, proof of income (such as a letter of employment and pay stubs, or tax documents if self-employed), and down payment history. Requirements vary.
Look at the programs
There are several federal and provincial programs for first-time buyers. Our guide to first-time buyer programs in Ontario walks through them.
Think about your goals
How long do you plan to stay? How much payment feels comfortable? Those answers matter as much as the maximum you might qualify for.
This article is general information, not personalized mortgage, legal, tax or financial advice. Rules, rates and eligibility change and depend on your circumstances and lender criteria. Confirm details before you make decisions.
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A free, no-pressure 30-minute call can help you apply this to your own situation.
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