Start by getting pre-qualified for a mortgage to understand your budget. It’s a simple, no-obligation first step that clarifies your financial standing.

Here’s a free guide on buying your first property and getting your first mortgage.

The first person you should talk to when it comes to buying a home is either a mortgage agent or your bank.

This is because your realtor is going to want to know what your price range is. Without a pre-qualification, you are likely to be just guessing. Infact, most realtors that I know, will tell you to get pre-qualified before they even set up a search for you.

The other things you’ll get from your mortgage consultant incude:

• Lender and product options
• Rate and cost breakdowns
• If you require special mortgage programs
• Some financial advice surrounding the mortgage and property
• An outline of risks that could come up

Beyond the purchase price, consider closing costs, insurance, taxes, and maintenance. An initial assessment with a mortgage consultant can provide a clearer picture.

Typically, we suggest having 1.5-3% of the purhcase price saved for closing costs.

If you want a more thorough breakdown of costs, here’s a blog post I wrote about them.

Lenders will look at your income, debts, and current mortgage rates to determine how much mortgage you qualify for.

If you want a quick number, our calculators can help, or you can speak directly with a mortgage consultant for personalized advice.

Here’s a link to our mortgage qualification calculator.

Questions for your mortgage broker, mortgage agent, or banker: 

• How many mortgages do you typically fund per year? This question helps understand their volume. If they only do one or two mortgages per month, they may not see enough volume to have solutions to problems.
  
  
• What lender options do you have available?
  
  
• If you don’t have the best options on the market, what would you do?
  
  
• Tell me about a time that you saved a mortgage from falling apart.
  
  
• Aside from getting the mortgage, what’s included in your service?
  
  
• Are you knowledgeable in real estate law and taxes?

The process can seem daunting, but with the right guidance from a mortgage consultant and real estate agent, you can navigate it confidently.

Here’s a free guide on buying your first property and getting your first mortgage.

Down payment requirements vary by mortgage type and lender. You may qualify for options as low as 5% down, but a higher down payment can reduce your monthly payments.

If you’d like a bit more information, I wrote up an entire blog post dedicated to down payment that you can find here:

Learn more about down payment.

Improve your credit score, save for a down payment, and get your financial documents in order. Engaging with a mortgage consultant early can also prepare you for success.

Requirements vary, but a higher score can secure you a better rate. Some programs are available for scores as low as 600, but aiming for 680 or above is beneficial.